517 Other Lease Revenue (Closed End Lease)
527 Other Lease Revenue (Open End Lease)
Lease & Rental Activity
Sales Synopsis
Accounts 517 and 527, Other Lease Revenue from Closed End Leases and Open End Leases, respectively, is established to record Lease Revenue assessed or received from Lease Customers that cannot be properly recorded in any other account.
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Debits |
Credits |
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Example 1
Record the $1,800 income received from a Closed End Lease customer for the excess mileage charge.
Journal: Cash Receipts
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Entry: |
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Debit |
Credit |
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Account 201 |
Cash on Hand |
$1,800 |
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Account 517 |
Other Lease Revenue |
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$1,800 |