Chapter 15 Flashcards
1
Q
Finance/Sale Leases
A
Ownership transfers to lessee, bargain purchase option, lease term, PV of lease payment> all FV, Specialized asset with only one use
2
Q
Beginning JR for Lease (Finance)
A
Lessee Lessor
Right of use asset (D) Lease R/C(D)
Lease payable (C) Equipment (C)
3
Q
Operating Leases
A
Do not record a receivable account.
