Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 35

Grassley Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30).

Required
1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (November 1 beg. bal. is $40,000); Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long-Term Notes Payable; C. Grassley, Capital (Nov. 1 beg. bal. is $40,000); Sales; Sales Discounts; Cost of Goods Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary ledger accounts: Carlos Mantel, Tori Tripp, and Cyd Rounder. Open the following accounts payable subsidiary ledger accounts: Grebe Company, BLR Industries, Brun Supply, and Lo Company.
2. Enter these transactions in a sales journal like that in Exhibit 7.5, a purchases journal like that in Exhibit 7.9, a cash receipts journal like that in Exhibit 7.7, a cash disbursements journal like that in Exhibit 7.11, or a general journal. Number all journal pages as page 2.
3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.
Reference: Exhibit 7.5

Exhibit 7.9

Exhibit 7.7

Exhibit 7.11