Best Corp. agrees to lease a store in a mall and open a coffee shop. On January
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Best Corp. agrees to lease a store in a mall and open a coffee shop. On January 2, 2017, the company pays a non-refundable $20,000 deposit to secure the store and agrees to a lease amount of $10,000 per month for two years. Journalize the initial lease deposit, the first monthly lease payment, and the December 31 year-end adjustment of the $20,000 deposit. Explanations are not required. Would Best Corp. report the lease information in the notes to the financial statements? Why or why not?
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General Journal DATE 2017 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Jan 2 ...View the full answer
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