Question:

ABV manufactures and sells state-of-the-art MRI and other medical imaging devices to hospitals and medical research centers. Some of ABC Co. transactions during the year 2017 are as follow:

May 1,2017. Borrowed 6 million Euros as a note at 3.5% interest rate per annum. Interest should be paid and the note is due on May 1, 2018.

July 10, 2017. Sold on account three MRI devices costing 185,000 Euros to White memorial hospital for 210,000 Euros each.

July 25, 2017. Purchased merchandise on account from Intel Co. for 105,000 Euros. Terms, net 60 days.

August 30, 2017. Collected in cash the amount of the transaction with White memorial hospital.

ABV uses perpetual inventory system and closes its accounts on December 31. Journalize the necessary entries.

date. account title. debit. credit

May 1

july 10

July25

aug 30

Questo ABV manufactures and scie-of-the-art MRI and other medical imaging devices to hospitals and medical research centers. Some of ABC Catraction during the year 2017 are as follow May 1 2017. Bonowed 6 million Euros as a net.SK interest rate pet annum. Interest should be paid and the make is due on May 1, 2018 July 10, 2017. Sold on account toe MRI devices costing 185.000 Euros to White memorial hospital for 210.000 Euros cach July 25, 2017. Parchased merchandise on account from Intel Co for 105.000 Eutus. Termos, et August 20, 2017. Collected in cash the amount of the transaction with White memorial hospital ABV is perpetual overy system and closes its accounts on December 31, Journaline the necessary entries Solution Acest title Dalit Credit Date May 1 July 10 July 25 Aux 10