Smithston Corporation leased equipment to Dayplanner Co. on January 1, 2013. The terms of the lease called
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Lease Payments Receivable (net)..................................... $151,500
Prepare the journal entry that should be made by Smithston to record the sale, including the accrual of interest through July 1.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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