Question: What would be the correct journal entry when the lease agreement is signed and the lease asset is acquired by the lessee? Debit Asset Debit

What would be the correct journal entry when the lease agreement is signed and the lease asset is acquired by the lessee? Debit Asset Debit Lease Liability Credit Cash Debit Asset Debit Cash Credit Lease Liability Debit Asset Credit Cash Credit Lease Liability Debit Cash Credit Asset Credit Lease Liability Lease fees paid OMR 5,000. What would be the journal entry in the books of Lessee? Lease fees paid OMR 5,000. What would be the journal entry in the books of Lessee? Debit Rental Revenue Credit Cash Debit Cash Credit Rent Expense Debit Cash Credit Rental Revenue Debit Rent Expense Credit Cash

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