Leasing of equipment is a simple straight expense with no other current activity or posting required. Most irs forms segregate leased equipment from leased land so use an expense account called Leased Equipment or Equipment Leased. There as well would be no reason to separate lease payments for more than one lease into seoarate accounts.  Only at lease end might you have activity other than leasing, such as excess damage (Repairs) or mileage (vehicle expense) or purchase (asset creation of buyout)