Question: The debit is also NOT rent expense ES Brief Exercise 21A-28 Your answer is partially correct. Try again. Bramble Corporation owns equipment that cost $66,500

The debit is also NOT rent expense

ES Brief Exercise 21A-28 Your answer is partially correct. Try again. Bramble Corporation owns equipment that cost $66,500 and has a useful life of 7 years with no salvage value. On January 1, 2017, Bramble leases the equipment to Havaci Inc. for one year with one rental payment of $14,000 on January 1 Assuming Havaci (lessee) elects to use the short-term lease exception, prepare Havacir's 2017 journal entry. (Credit account titles are automatically indented when amount is entered. De not indent manually.) Account Titles and Explanation Debit Credit ase Liabiity 14,000 cash 14,000 tv Click if you would like to Show Work for this question: Modify Show Work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Maclean Palmer strode out onto a Marthas Vineyard beach to enjoy the warm sun. That August afternoon in 2000, Palmer and the four partners he had chosen in his quest to start up a $200 million...

The Debit is also NOT Lease Liability OR NOT rental expense either NEXT Brief Exercise 21A-28 Your answer is partially correct. Try again. Bramble Corporation owns equipment that cost $66,500 and has...

Brief Exercise 21A-28 Your answer is partially correct. Try agalin Bramble Corporation owns equipment that cost $66,500 and has a useful life of 7 years with no salvage value. On January 1, 2017,...

Assistance in Completing my Unit 7 Assignment. Please see attached. Wiley Assignment Unit 7 Exercise 116 Agazzi Company purchased equipment for $361,150 on October 1, 2012. It is estimated that the...

Need help with the attached file, please do not leave any unanswered. At the bottom I put the list of accounts since that is something that is never answered correct. Brief Exercise 16-2 Skysong...

this question is partially finished. need help finishing it!! thank you to whoever can do it!! Brief Exercise 9-3 Your answer is partially correct. Try again. Pharoah Company had the following two...

Brief Exercise 21A-10 Your answer is partially correct. Try again. Assume that 16M leased equipment that was carried at a cost of $125,000 to Pharoah Company. The term of the lease s 5 years December...

Please help with finding the right account titles! Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a...

quick! I need help with these homework problems. thank you. for exercise 9-11, I need help with the dotted line box that isn't in green - I tried "Depletion Expense " and it said it wasn't right....

Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary...

Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital gain 25,000 Long-term capital loss 10,000 Short-term capital gain 7,500...

123 Corp. is evaluating a project to develop new products. The project requires capital expenditure of $113,000 today. The projected financials in year one are as follows. -Incremental sales for the...

Problem 2 - 2 7 Statement o f Cash Flows ( L G 2 - 5 ) Use the balance sheet and income statement below: CLANCY S DOG BISCUIT CORPORATIONBalance Sheet a s o f December 3 1 , 2 0 1 8 and 2 0 1 7 ( i n...

For the member shown bellow determine the values of F1, F2, and F3 as follows: F1 F3 3,000+ (last 3 digits of your student number) [in Newtons], F2 = 500+ (last 3 digits of your student number) [in...

Appendix: Normal and Abnormal Spoilage in Process Costing, Changes in Output Measures, Multiple Departments Grayson Company produces an industrial chemical used for cleaning and lubricating...

2. [5 pts.] Show the structure of the following table (ORDER) in the outline notation defining a primary key. Draw the dependency diagram, and, on the diagram, specify partial and/or transitive...

1 Cash 2 Laundry Supplies Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT 11,000.00 26,500.00 CREDIT 3 Prepaid Insurance 9,600.00 4 Laundry Equipment 5 Accumulated...

The diagram below represents the structure of the Lucky gene, which is expressed in every cell in the fruit fly. Gray boxes show exons; box sizes are not to scale. Lucky is alternatively spliced,...

The purpose of the liquid line filter dryer is to remove any moisture and / or contaminants just before the condenser

Who should be involved in interviewing people for any new positions? Why?

Is meeting with each employee individually the best method of job analysis? What other method(s) could be used and why?

What other key recruitment and selection considerations should Jessie and Ashton address?