Bookkeeping for equipment leasing company question.

Would you guys know how how to treat bookkeeping for a equipment leasing company? When they purchase machines to lease it goes into cost of goods sold right?and when they lease them to clients it would be debit a/r for the whole amount and credit sales? When would accounting for the interest take place? When the payments are made I'm assuming. I've never dealt with companies that lease out equipment before and start the job on Monday and don't want to look completely clueless :P


If anyone knows that would be appreciated.

Thanks.