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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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Posts: 5977
Rep: 293 0
9 years ago
Welby County Hospital entered into a capital lease to purchase a new MRI machine. The capitalizable cost of the equipment was $400,000 and the hospital made a $40,000 down payment. The entry required when the asset was acquired was
   
      Debit   Credit
A.   Equipment
   Other Financing Sources – Capital Lease
   Cash   $400,000   
$360,000
40,000
B.   Expenditures
   Other Financing Sources – Capital Lease
   Cash   $400,000   
$360,000
40,000
C.   Equipment
Expenditures
   Lease Payable
   Cash   $360,000
40,000   

$360,000
40,000
D.   Equipment
   Lease Payable
   Cash   $400,000   
$360,000
40,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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4 years ago
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