ABV manufactures and sells state-of-the-art MRI and other medical imaging devices to hospitals and medical rescarch 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. Answers: Date Account title Debit Credit

ABV manufactures and sells state-of-the-art MRI and other medical imaging devices to hospitals and medical rescarch 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. Answers: Date Account title Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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