ACCOUNT NO. 4220, LEASE/PURCHASE CONTRACTS - 10458
(Revised: 09/1990)
Normal Balance: Credit
Purpose: This account shows the long-term liability applicable to the principal on capital lease (lease-purchase) contracts. As claims are filed for lease payments, the account balance is reduced by the amount of payment applicable to the principal, excluding any interest, maintenance or other operating costs.
Subsidiaries: File of lease-purchase contracts.
Normal Entries:
|
Entry Number |
Debits |
Entry Number |
Credits |
| 23. | Claims are filed for payments on capital leases (lease-purchase) contracts | 22. | Capital lease (lease-purchase) contract is executed. |
Revisions
No Revisions for this item.
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