Business, 21.12.2019 01:31 gracerich

On august 1, 2016, ace corp. purchased parts from supply corp. in payment for the $54,000 purchase, ace 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%.
1. what entry will ace make to record the august 1, 2016 purchase of the parts?
2. what entry will ace make to record the 1st installment payment on august 31, 2016? 3. how much interest expense will ace report in its income statement for the year ended 12/31/2016?

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On august 1, 2016, ace corp. purchased parts from supply corp. in payment for the $54,000 purchase,...

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