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Make General Journal entry for August monthly lease payment

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Reference no: EM132560213

Question - On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000. The annual interest rate implicit in the lease was 9%, and the first lease payment of $1,600 is due at the end of each month of the lease. Use this information to make the General Journal entry (without explanation) for the August 31, 2018 monthly lease payment. If no entry is required then write "No Entry Required."

Reference no: EM132560213

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