717 Rent-Sublet Units (Closed End Lease)
727 Rent-Sublet Units (Closed End Lease)
737 Rent-Sublet Units (Rental)
Lease & Rental Activity
Direct Cost
Cost of Sales Synopsis
Accounts 717, 727, and 737, Rent-Sublet Units for Closed End Lease, Open End Lease and Rental vehicles, respectively are established to record the cost of Renting or Subletting Units to provide to Lease and Rental customers.
Debits |
Credits |
|
|
Example 1
Record the cost of $37 for renting a vehicle for lease customer while their car is being serviced.
Journal: Cash Disbursements and Purchase
Entry: |
|
Debit |
Credit |
Account 717 |
Direct Cost – Rent – Sublet Units (Closed End Lease) |
$37 |
|
Account 300 |
Accounts Payable – Trade Creditors |
|
$37 |