The Journal Entry for Recording Payment for the Short-Term Lease

question 118

Multiple Choice

The journal entry for recording payment for the short-term lease of a fixed asset would

• A)debit the fixed asset and credit Cash
• B)debit Rent Expense and credit Cash
• C)debit a liability and credit Cash
• D)be a memo entry only

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Definitions:

Three-Strikes Legislation

Laws that impose severe penalties on repeat offenders after being convicted of three or more serious criminal offenses.

Irrational

Describes actions or thoughts that are not based on reason or logical thinking but often on emotions or illogical perceptions.

Public Hysteria

A phenomenon where a large group of people exhibit irrational behavior or beliefs, often fueled by rumors, fear, or a triggering event.

Unethical Polices

Practices or directives within an organization or government that are morally wrong and go against ethical standards.