Problem 10 2A The following are selected transactions of Graves Company Graves prepares financial statements quarterly Jan 2 Purchased merchandise on account from Ally Company, $34,350, terms3 10, n 30 (Graves uses the perpetual inventory system ) Feb 1 Issued a6 ,2 month, $34,350note to Ally in payment of account Mar 31 Accrued interest for2months on Ally note Apr 1 Paid face value and interest on Ally note July 1 Purchased equipment from Clark Equipment paying $17,110in cash and signing a7 ,3 month, $38,240note Sept 30 Accrued interest for3months on Clark note Oct 1 Paid face value and interest on Clark note Dec 1 Borrowed $13,500from the Jonas Bank by issuing a3 month,6 note with a face value of $13,500 Dec 31 Recognized interest expense for1 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 Link to Text Link to Video 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 Interest Payable Interest Expense Show List of Accounts Link to Text Link to Video Show the balance sheet presentation of notes and interest payable at December 31 Graves Company Balance Sheet December 31 $ $ Show List of Accounts Link to Text Link to Video What is total interest expense for the year Total interest $ Click if you would like to Show Work for this question Open Show Work Show List of Accounts Link to Text Link to Video By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts 0 of 1 used Save for later Submit Answer Copyright 2000 2015 by John Wiley Sons, Inc or related companies All rights reserved

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Problem 10-2A The following are selected transactions of Graves Company. Graves prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Ally Company, $34,350,

Problem 10-2A The following are selected transactions of Graves Company. Graves prepares financial statements quarterly.

Jan. 2	Purchased merchandise on account from Ally Company, $34,350, terms3/10, n/30. (Graves uses the perpetual inventory system.)
Feb. 1	Issued a6%,2-month, $34,350note to Ally in payment of account.
Mar. 31	Accrued interest for2months on Ally note.
Apr. 1	Paid face value and interest on Ally note.
July 1	Purchased equipment from Clark Equipment paying $17,110in cash and signing a7%,3-month, $38,240note.
Sept. 30	Accrued interest for3months on Clark note.
Oct. 1	Paid face value and interest on Clark note.
Dec. 1	Borrowed $13,500from the Jonas Bank by issuing a3-month,6% note with a face value of $13,500.
Dec. 31	Recognized interest expense for1 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.)