Recording the short-term car lease cost, Financial Accounting

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Recording the short-term car lease cost

Response to the following questions:

1. Lauren Wright, an employee of ETrain.com, leases a car at O'Hare airport for a three-day business trip. The rental cost is $350. Prepare the entry by ETrain.com to record Lauren's short-term car lease cost.

2. Juicy fruit, Inc., signs a five-year lease for office equipment with Office Solutions. The present value of the lease payments is $20,859. Prepare the journal entry that Juicy fruit records at the inception of this capital lease.

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Financial Accounting: Recording the short-term car lease cost

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Financial Accounting: Recording the short-term car lease cost

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