:
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.1The owner, O. Grider, invested additional cash in the business $7,200.
4Received check for payment of account from Baez less 2% cash discount.
5Received check for $920 in payment of invoice no. 307 from Eggleston Co.
8Made cash sales of merchandise totaling $7,245.The cost of the merchandise sold was $4,347.
10Received check for $600 in payment of invoice no. 309 from Ogden.
11Received cash refund from a supplier for damaged merchandise $740.
23Received check for $1,500 in payment of invoice no. 310 from Eggleston Co.
29Received check for payment of account from Chelsea.
Instructions
(a) 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.)
Cash Receipts Journal
CR1
Date
Account Credited
Ref.
Cash Dr.
Sales Discounts Dr.
Accounts Receivable
Cr.
Sales Cr.
Other Accounts Cr.
Cost of Goods Sold
Dr.
Merch. Inventory
Cr.
Apr. 1301
4P
5P
8
10P
11120
23P
29P
(101)(414)(112)(401)(X)(505)(120)
(b) 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.)
General Ledger
Accounts ReceivableNo. 112
Date
ExplanationRef.DebitCreditBalance
Apr. 1BalanceP
30 CR1
Accounts Receivable Subsidiary Ledger
Ogden
Date
ExplanationRef.DebitCreditBalance
Apr. 1BalanceP
30 CR1
Chelsea
Date
ExplanationRef.DebitCreditBalance
Apr. 1BalanceP
29 CR1
Eggleston Co.
Date
ExplanationRef.DebitCreditBalance
Apr. 1BalanceP
5 CR1
23 CR1
Baez
Date
ExplanationRef.DebitCreditBalance
Apr.1BalanceP
4 CR1
(c) Prove the agreement of the control account and subsidiary account balances. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Accounts receivable balance:
$
Subsidiary account balances:
$
Total
$
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