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This question was created from Quiz 1 ACCT II UMUC.docx

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This question was created from Quiz 1 ACCT II UMUC.docx https://www.coursehero.com/file/37267059/Quiz-1-ACCT-II-UMUCdocx/

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On August 1, 2013, Dorchester Company entered into a capital lease, and correctly
recorded the leased assetJ and related obligation at $10!},flfll}. 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 prepare the General Journal entry
{without explanation] for the August 31, 2018 monthly lease payment. If no entry is required then write " No Entry Required. " {Round your answer to the nearest whole
dollar.)
 
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