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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The following are selected transactions of Graves Company. Graves prepares financial statements quarterly.
| Jan. 2 | Â | Purchased merchandise on account from Ally Company, $34,050, terms 2/10, n/30. (Graves uses the perpetual inventory system.) |
| Feb. 1 | Â | Issued a 6%, 2-month, $34,050 note to Ally in payment of account. |
| Mar. 31 | Â | Accrued interest for 2 months on Ally note. |
| Apr. 1 | Â | Paid face value and interest on Ally note. |
| July 1 | Â | Purchased equipment from Clark Equipment paying $14,030 in cash and signing a 7%, 3-month, $36,880 note. |
| Sept. 30 | Â | Accrued interest for 3 months on Clark note. |
| Oct. 1 | Â | Paid face value and interest on Clark note. |
| Dec. 1 | Â | Borrowed $13,500 from the Jonas Bank by issuing a 3-month, 6% note with a face value of $13,500. |
| Dec. 31 | Â | Recognized interest expense for 1 month on Jonas Bank note. |
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