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[solution]: The following are selected transactions of Graves Company. Graves


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

Jan. 2 Purchased merchandise on account from Ally Company, $34,950, terms 3/10, n/30. (Graves uses the perpetual inventory system.)
Feb. 1 Issued a 6%, 2-month, $34,950 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 $8,104 in cash and signing a 7%, 3-month, $37,760 note.
Sept. 30 Accrued interest for 3 months on Clark note.
Oct. 1 Paid face value and interest on Clark note.
Dec. 1 Borrowed $18,000 from the Jonas Bank by issuing a 3-month, 6% note with a face value of $18,000.
Dec. 31 Recognized interest expense for 1 month on Jonas Bank note.
Prepare journal entries for the listed transactions and events. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit
Jan. 2
Feb. 1
Mar. 31
Apr. 1
July 1
Sept. 30
Oct. 1
Dec. 1
Dec. 31

SHOW LIST OF ACCOUNTS
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Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries in the previous question.)

Notes Payable
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
Interest Payable
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
Interest Expense
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.
 4/12/13/317/19/3010/112/112/3112/31 Bal.  4/12/13/317/19/3010/112/112/3112/31 Bal.

SHOW LIST OF ACCOUNTS
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Show the balance sheet presentation of notes and interest payable at December 31.

Graves Company
Balance Sheet
December 31
 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders? Equity
$
$

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What is total interest expense for the year?

Total interest $
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(a) Prepare journal entries for the above transactions and events

 

Date

 

Jan. 2

 


 

Account Titles and Explanation

 

Merchandise Inventory or Purchases

 

Accounts Payable

 


 

Feb. 1

 


 

Accounts Payable

 

Notes...

 


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