 Hello in this lecture we will define lease support accounting instruction by clicking the link below giving you a free month Membership to all of the content on our website broken out by category further broken out by course Each course then organized in a logical Reasonable fashion making it much more easy to find what you need than can be done on a YouTube page We also include added resources such as Excel practice problems PDF files and more Like QuickBooks backup files win applicable So once again click the link below for a free month membership to our website and all the content on it According to fundamental accounting principles wild 20-second edition the definition of lease is Contract specifying the rental of property. So when we're thinking about a lease we're thinking about a piece of property and Two people involved in that property one the lease or the person who owns the property and to the leasee Who is going to have temporary use of the property for example? We could have a transaction such as this where this is the piece of property. We have the lease or the owner of the property Allowing the usage of that property to the leasee as time passes then the leasee will then owe the lease or rent Rent for the usage of that property at the end of the least period then the property would be then returned from the leasee to the lease or