> #notes-payable , #purchases , #accounting , #inventory , #journal-entry > 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.make journal?
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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.make journal?

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Feb 16
Jan. 2:
Accounts Payable - Ally Company 30,000
Merchandise Inventory 30,000

Feb. 1:
Notes Payable 30,000
Accounts Payable - Ally Company 30,000
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