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goji.go goji.go
wrote...
Posts: 5977
9 years ago
How should a fixed asset acquired through a capital lease agreement be recorded in a General Fund?
      a.   at the present value of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
      b.   at the total amount of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
      c.   at the present value of the future lease payments, by debiting expenditures and crediting capital leases payable.
      d.   no entry is needed until payments are actually made on the capital lease agreement.
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3 Replies
Diesel
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Answer accepted by topic starter
f_zah1f_zah1
wrote...
Top Poster
Posts: 10774
9 years ago
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goji.go Author
wrote...
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
9 years ago
You're very welcome!
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