ACC 306 Week 3 Discussion 2 Accounting for Leases Recent
Model:Recent
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ACC 306 Week 3 Discussion 2 Accounting for Leases Recent
Read Chapters 17 and 18 in the textbook.
Leases
Develop two lease examples, operating and capital which includes the lease terms. State the requirements for determining whether a lease is an operating or capital lease.
Provide journal entries that set up the lease and entries for payments. Show how the lease would be disclosed, if required on the balance sheet.
State the reasons why you classified the lease as operating or capital.