I know you debit the leased assets and credit the lease obligation, but what about the lease expenses?
Thanks.
Posted on08 October 2009.
I know you debit the leased assets and credit the lease obligation, but what about the lease expenses?
Thanks.

Probably Capitalise it by adding it to the cost of obtaining the Asset, or else write it off to the profit and loss account.
Journal Entry Credit Bank (payments) and Debit Asset account / Lease costs Profit & Loss a/c