10 Nov Company A purchased a supply of electronic compone
Company A purchased a supply of electronic components from Entel Corporation on November 1, 2011. In payment for the $27 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 12%. Prepare the following journal entries for Company A. First for the purchase of the components on November 1, 2011, [Component Inventory] [Notes Payable] Prepare the journal entry for the first installment payment on November 30, 2011. [Interest Expense] [Note payable] [Cash]
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