Lessor Transaction

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.

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March 22, 2022 at 8:15 am #651610
smaccservices@outlook.com
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Hi,

I am not sure the about following lease transactions. Could some one please help?

A customer signed a $1,200 lease contracts to be paid monthly and the lease term is 12 months. What are the Journal Entries?

Also customer decided not to pay (default) on month 2
March 22, 2022 at 8:58 am #651612
Stephen Widberg
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Dr Receivable 1200 Cr Rental income 1200

Then regular double entry for a bad debt

Dr P&L Cr Receivable

This is more of a Financial Accounting than SBR question
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