Grady Wholesale Corporation Practice Set to accompany Intermediate Accounting / Edition 6

Grady Wholesale Corporation Practice Set to accompany Intermediate Accounting / Edition 6

by J. David Spiceland, James Sepe, Mark Nelson, Lawrence Tomassini
     
 

ISBN-10: 0077328779

ISBN-13: 9780077328771

Pub. Date: 04/20/2010

Publisher: McGraw-Hill Higher Education

Grady Wholesale Corporation is a reseller of electronics equipment such as personal computers, peripherals, and software. Grady purchases items in bulk from various manufacturers, repackages them into smaller lots and resells them to retailers for ultimate sale to consumers.

The company maintains its financial records manually. “The books” consist of

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Overview

Grady Wholesale Corporation is a reseller of electronics equipment such as personal computers, peripherals, and software. Grady purchases items in bulk from various manufacturers, repackages them into smaller lots and resells them to retailers for ultimate sale to consumers.

The company maintains its financial records manually. “The books” consist of special journals for sales, purchases of merchandise (made on account), cash receipts, cash disbursements, and a general journal (for all transactions that do not fit into one of the above categories), a general ledger, and subsidiary ledgers for accounts receivable and accounts payable (for merchandise purchases). Grady’s policy is to post entries made in the general journal to the general ledger on a daily basis. Entries made to the special journals (sales, purchases, cash receipts, and cash disbursements) are posted to the general ledger at the end of the month. However, the subsidiary ledgers are updated on a daily basis. Check numbers, sales order numbers, and invoice numbers are used as the reference numbers for posting purposes.

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Product Details

ISBN-13:
9780077328771
Publisher:
McGraw-Hill Higher Education
Publication date:
04/20/2010
Pages:
64
Product dimensions:
6.10(w) x 10.60(h) x 0.60(d)

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