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question archive The following are selected transactions of Graves Company

The following are selected transactions of Graves Company

Subject:AccountingPrice: Bought3

The following are selected transactions of Graves Company. Graves prepares financial statements quarterly.Prepare journal entries for the listed transactions and events. Round answers to 0 decimal places, e.g. 125.Jan. 2Purchased merchandise on account from Ally Company, $35,100, terms 3/10, n/30. (Graves uses the perpetual inventory system.)Feb. 1Issued a 6%, 2-month, $35,100 note to Ally in payment of account.Mar. 31Accrued interest for 2 months on Ally note.Apr. 1Paid face value and interest on Ally note.July 1Purchased equipment from Clark Equipment paying $11,590 in cash and signing a 7%, 3-month, $40,720 note.Sept. 30Accrued interest for 3 months on Clark note.Oct. 1Paid face value and interest on Clark note.Dec. 1Borrowed $18,000 from the Jonas Bank by issuing a 3-month, 6% note with a face value of $18,000.Dec. 31Recognized interest expense for 1 month on Jonas Bank note.

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