 Hello, in this lecture we will define Lee C. According to fundamental accounting principles Wild 22nd edition, the definition of Lee C is party to a lease who secures the right to possess and use the property from another party, Lee Soar. So we're talking about a piece of property that is going to be leased from one party to the other. We need to keep these two terms distinct from each other, that being the Lee C versus the Lee Soar. If we're looking at a transaction, we have the Lee Soar on the left hand side. Here is our piece of property and we have the Lee C on the right hand side. The Lee Soar is the one that owns the property and is renting the use of that property to the Lee C. As time passes, then the Lee C will accumulate rent that is due to the Lee Soar and the rent will then be paid at that time period for the use of the property even though of course the Lee Soar still has ultimate ownership of that property.