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Griner Inc. is a retail business headquartered in the U.S. The accounting information system is based upon the principles and rules of U.S. Generally
Griner Inc. is a retail business headquartered in the U.S. The accounting information system is based upon the principles and rules of U.S. Generally Accepted Accounting Principles (GAAP). Business activity is recorded on an accrual basis. The company employs the perpetual inventory system in accounting for its merchandise inventory. The company operates using a January through December fiscal year. The balances of the accounts in the general ledger as of November 30 of the current fiscal year are as follows: 110 Cash 45,300 111 Accounts Receivable 177,100 112 Inventory 251,400 113 Estimated Returns Inventory 8,100 114 Supplies 15,300 115 Prepaid Insurance 30,000 120 Land 170,000 121 Equipment 897,100 122 Accumulated Depreciation-- Equip. 229,600 210 Accounts Payable 37,810 211 Customer Refunds Payable 25,200 212 Salaries Payable 0 213. Interest Payable 0 214 Unearned Rent 33,200
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