Gruner Supply Company completes the following transactions in November. Record them in general journal form. a. Purchased

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Gruner Supply Company completes the following transactions in November. Record them in general journal form.

a. Purchased merchandise for $18,300 on November 3, giving a 30-day, 8 per¬

cent note dated November 3 to Lester Company in exchange for the merchandise.

b. On December 3, Gruner is unable to pay the principal of the note due but pays the interest due.

c. On December 3, Gruner renews the $18,300 note for 60 days at 8.5 percent, dated December 3.

d. On December 31, Gruner makes the adjusting entry for accrued interest.

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College Accounting Chapters 1-26

ISBN: 9780395796993

6th Edition

Authors: Douglas J. McQuaig, Patricia A. Bille

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Question Posted: Jun 27, 2024 02:16 AM

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Gruner Supply Company completes the following transactions in November. Record them in general journal form. a. Purchased

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College Accounting Chapters 1-26

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