Question 7 fof 10.00 points MC Qu. 40 LO 15-04 On January 1, 2016, Wellburn Corp

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Question 7 fof 10.00 points MC Qu. 40 LO 15-04 On January 1, 2016, Wellburn Corporation leased an asset from... On January 1,2016, Welburn Corporation leased an asset from Tabitha Company The asset originally cost abitha $360,000. The lease agreement is an operating lease that calts for four annual payments beginning on January 1, 2015, in the amount of $37000 The other three remaining payments wl be made on January of each subsequent year Which of the folowing journal entries should Tabitha record on January 1,2016 37000 Lease receivable 37000 37000 7000 Defetred tert revenue 37000 37000 7000 Mulipie Choice Mc Qu 40 LO 15 04 On Jandawy 1 20n, Weburn Corporation leased an asset rom.. TOSHIBA esc 2 3 4 5 6 9

Explanation / Answer

Journal entry :

so answer is c)

Date accounts & explanation debit Credit Jan 1,2016 Cash 37000 Deferred rent revenue 37000

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