Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lcd industries purchased a supply of electronic co

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021....

90.2K

Verified Solution

Question

Accounting

imageimageimage

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.2 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 18%.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? Journal entry worksheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find (without using a calculator) the absolute extreme values of the function on the given interval. f(x)...

Basic Math
Q

In the Mega Million Lottery, you pick five numbers from 1 – 75 AND one number from...

Statistics
Q

A 0.4423 g sample of pewter, containing tin, lead, copper, and zinc, was dissolved in acid....

Chemistry
Q

A computer is reading data from a rotating CD-ROM. At a point that is 0.0206 m...

Physics
Q

1 12 1 12 4 69 4 Simplify your answer Type a whole number or...

Algebra
Q

11 Write an equation for the line that passes through each pair of points Write...

Algebra
Q

A survey was given asking whether people like dogs and or cats 183 said they...

Algebra
Q

El efectivo pagado como dividendos a los accionistas se clasifica como un flujo de efectivo...

Accounting
Q

Problem 4-71 (Algo) Optimum Product Mix (LO 4-4) Austin Enterprises makes and sells three types...

Accounting
Q

You are a 60% owner of an S corporation. Calculate your ending stock basis, based...

Accounting
Q

Please assist in answering all questions below 5.1. Consider the information provided below...

Accounting
Q

3) Which of the following statements are true? i) Pairs trading can be considered as...

Finance