On april 1 the accounts receivable ledger of grider company

Assignment Help Accounting Basics

Reference no: EM13608178

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

(a) Journalize the transactions above in the six-column cash receipts journal below. Foot and crossfoot the journal.

(b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts.

Reference no: EM13608178

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