(Kelowna, BC Canada)
Journal Entries for Lessors of Leases
We are a small home based business who provides Dealership Management Software (DMS) for the Automotive, Marine and RV industry in Canada.
Our question is what journal entries are required to process an initial lease sales invoice.
Let's say the Dealer has a $20,000 vehicle in his regular inventory and then decides to lease it to a customer. In this case the regular inventory goes down by $20,000 and their lease inventory goes up by $20,000.
Any advice you could provide would be greatly appreciated.
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