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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Graves Company

The following are selected transactions of Graves Company. Graves prepares financial statements quarterly.

Jan. 2   Purchased merchandise on account from Ally Company, $34,050, terms 2/10, n/30. (Graves uses the perpetual inventory system.)
Feb. 1   Issued a 6%, 2-month, $34,050 note to Ally in payment of account.
Mar. 31   Accrued interest for 2 months on Ally note.
Apr. 1   Paid face value and interest on Ally note.
July 1   Purchased equipment from Clark Equipment paying $14,030 in cash and signing a 7%, 3-month, $36,880 note.
Sept. 30   Accrued interest for 3 months on Clark note.
Oct. 1   Paid face value and interest on Clark note.
Dec. 1   Borrowed $13,500 from the Jonas Bank by issuing a 3-month, 6% note with a face value of $13,500.
Dec. 31   Recognized interest expense for 1 month on Jonas Bank note.

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Status NEW Posted 19 Aug 2017 06:08 PM My Price 11.00

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