Ndayambaje Eric
Feb 16
g bad debt expense? QUESTION6: The following are selected transactions of Graves ASA. Graves prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Ally Company ?
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Feb 16
To record the purchase of merchandise on account from Ally Company, Graves ASA would make the following journal entry:
Date: January 2
Account Debit Credit
Merchandise Inventory XXX
Accounts Payable XXX
The Merchandise Inventory account is debited to increase the inventory balance, and the Accounts Payable account is credited to record the liability owed to Ally Company. The specific amounts would be recorded based on the details of the transaction.
Date: January 2
Account Debit Credit
Merchandise Inventory XXX
Accounts Payable XXX
The Merchandise Inventory account is debited to increase the inventory balance, and the Accounts Payable account is credited to record the liability owed to Ally Company. The specific amounts would be recorded based on the details of the transaction.
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Ndayambaje Eric
Feb 16
Jan. 2 Purchased merchandise on account from Ally Company, €30,000, terms 2/10,
n/30. (Graves uses the perpetual inventory system.)
Feb. 1 Issued a 6%, 2-month, €30,000 note to Ally in payment of account.
Mar. 31 Accrued interest for 2 months on Ally note.
Make journal entry?
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