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LCD Industries purchased a supply of electronic components f million purchase, LCD Issued a 1-year Installment note to be pa Include Interest at the rate of 18%. (FV of $1, PV of $1, FVA of $1. the tables provided.) Required:

LCD Industries purchased a supply of electronic components f million purchase, LCD Issued a 1-year Installment note to be pa Include Interest at the rate of 18%. (FV of $1, PV of $1, FVA of $1. the tables provided.) Required:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.6 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? Complete this question by entering your answers in the tabs below. Req 1 and 2 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense Req 3 < Req 1 and 2 Req 3 >
Transcribed Image Text:LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.6 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? Complete this question by entering your answers in the tabs below. Req 1 and 2 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense Req 3 < Req 1 and 2 Req 3 >
LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.6 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? Complete this question by entering your answers in the tabs below. Req 1 and 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. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req 3 View transaction list Journal entry worksheet < 1 2 Record the purchase of the components. Note: Enter debits before credits. Date November 01, 2021 Record entry General Journal Clear entry < Req 1 and 2 Debit Credit View general Journal Req 3 >
Transcribed Image Text:LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.6 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? Complete this question by entering your answers in the tabs below. Req 1 and 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. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req 3 View transaction list Journal entry worksheet < 1 2 Record the purchase of the components. Note: Enter debits before credits. Date November 01, 2021 Record entry General Journal Clear entry < Req 1 and 2 Debit Credit View general Journal Req 3 >
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