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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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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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Diesel
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f_zah1f_zah1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
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#3
9 years ago
You're very welcome!
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