Question: fix the errors please Chance Enterprises leased equipment from Third Bank Leasing on January 1 2021. Chance elected the short-term lease option Appropriate adjusting entries

fix the errors please fix the errors please Chance Enterprises leased equipment from Third Bank Leasing

Chance Enterprises leased equipment from Third Bank Leasing on January 1 2021. Chance elected the short-term lease option Appropriate adjusting entries are made annually Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $44,000 at Jan. 1, 2021, through Dec. 1, 2021. 5 years Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1. 2021 (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. No Date General Journal Credit January 01, 2021 Lease expense Debit 44000 440003 January 01, 2021 Lease expense 44.000 44 000 3 February 01, 2020 Leare expense Cash 44 000 44000 March 01, 2021 44.000 Lease expense Cash oooooo 44000 5 Apni 01.2021 Lease expense 44000 44000

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