Daniels Enterprise enters into a lease agreement to rent out computer equipment for a term of 2 years. The computer equipment costs $4,000 and can be operated on its own. The monthly lease payments are $175 starting on July 1, 20X5. Daniels enterprise elects to expense leases that are short term or low value in nature.

Required:

Prepare the journal entry to record lease payment by Daniels in July, using IFRS.

Answer rating: 100% (QA)

On July 1 20X5 Debit Lease Expense 175 Credit Cash 175 This entry records the p... View the full answer