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    Ledger Accounts for Grider Company

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    Grider Company's chart of accounts includes the following selected accounts

    101 Cash 401 Sales
    112 Accounts Receivable 414 Sales Discounts
    120 Merchandise Inventory 505 Cost of Goods Sold
    301 O. Grider, Capital
    On April 1 the accounts receivable ledger of Grider Company showed the following balances: Ogden $1,550, Chelsea $1,200, Eggleston Co. $2,900, and Baez $1,800.The April transactions involving the receipt of cash were as follows.
    Apr. 1 The owner, O. Grider, invested additional cash in the business $7,200.
    4 Received check for payment of account from Baez less 2% cash discount.
    5 Received check for $920 in payment of invoice no. 307 from Eggleston Co.
    8 Made cash sales of merchandise totaling $7,245.The cost of the merchandise sold was $4,347.
    10 Received check for $600 in payment of invoice no. 309 from Ogden.
    11 Received cash refund from a supplier for damaged merchandise $740.
    23 Received check for $1,500 in payment of invoice no. 310 from Eggleston Co.
    29 Received check for payment of account from Chelsea.
    Instructions
    1. Journalize the transactions above in the six-column cash receipts journal below. Foot and crossfoot the journal. (If there is no transaction, enter NA as the account and 0 for the amount.)
    2. Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)
    3. (c) Prove the agreement of the control account and subsidiary account balances. (List amounts from largest to smallest eg 10, 5, 3, 2.)

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    https://brainmass.com/business/t-accounts/ledger-accounts-grider-company-440330

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    Solution Summary

    Ledger accounts for Grider Company is examined.

    $2.19