Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 4, Problem 1APSA
Problem 4-1A
Applying the accounting cycle
C1 C2 P2P3
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.
April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company.
2 The company rented furnished office space by paying $1,800 cash for the first month’s (April) rent.
3 The company purchased $1,000 of office supplies for cash.
to The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on AprIl 11.
14 The company paid $1,600 cash for two weeks’ salaries earned by employees.
24 The company collected $8,000 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $ 1,600 cash for two weeks’ salaries earned by employees.
29 The company paid $350 cash for minor repairs to the company’s computer.
30 The company paid $750 cash for this month’s telephone bill.
30 Nozomi withdrew $1,500 cash from the company for personal use.
The company’s chart of accounts follows:
Required
1. Use the balance column format to set up each ledger account listed in its chart of accounts.
2. Prepare
3. Prepare an unadjusted
4. Use the following information to journalize and post
a. Two-thirds (or $133) of one month’s insurance coverage has expired.
b. At the end of the month. $600 of office supplies are still available.
c. This month’s depreciation on the computer equipment is $500.
d. Employees earned S42o of unpaid and unrecorded salaries as of month-end.
e. The company earned $1,750 of commissions that are not yet billed at month-end.
5. Prepare the adjusted trial balance as of April 30. Prepare the income statement and the statement of owner’s equity for the month of April
and the balance sheet at April 30,2017.
6. Prepare journal entries to close the temporary accounts and
7. Prepare a post- closing trial balance.
Check (3) Unadj trial balance totals $58.000
(4a) Dr Insurance Expense $133
(5) Net income $2,197 J Nozom. Capital (4130/2017). $50.697. Total assets. $51.117
(7) P.C mal balance totals $51,617
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ACB10103 BUSINESS ACCOUNTING 2021/22
QUESTION 3
Question 4
Memories Forever Trading is à basiness selling souvenirs. The following transactions took place
in the mouth of September 20x7.
Date
Transactions
September 1
Owner invested cash into the business bank account RM100,000
September 3
Purchased a motor van from Lim Motors costing RM70,000. Deposit of RM10,000 was
paid by cheque and the balance to be paid by installment starting from next month
September 6
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September 8
Sold goods on credit to Zulaikha RM4,800 and Khaira RM3,600
September 15 Issued a debit note for damaged goods returned to Harriz RM600
September 20 Received a cheque from Pelangi Berhad for investment income of RM15,000
September 23 Paid RM1,200 to Tenaga Nasional Berhad for electricity expense
September 26 Received a cheque for cash sales amounting to RM10,000
September 29 The owner withdrew goods worth RM340 for personal use
Required:
A…
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - 7. Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - 12. How do reversing entries simplify...Ch. 4 - If a company recorded accrued salaries expense of...Ch. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Exercise 4-1
Extending adjusted account balances...Ch. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Exercise 4-4 Completing a work sheet Pl The...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Prob. 6ECh. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Problem 4-1A Applying the accounting cycle C1 C2...Ch. 4 - Prob. 2APSACh. 4 - Prob. 3APSACh. 4 - Prob. 4APSACh. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Prob. 6APSACh. 4 - Prob. 1BPSBCh. 4 - Prob. 2BPSBCh. 4 - Prob. 3BPSBCh. 4 - Prob. 4BPSBCh. 4 - Prob. 5BPSBCh. 4 - Prob. 6BPSBCh. 4 - Business Solutions P2 P3 (This serial problem...Ch. 4 - Prob. 1GLPCh. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Prob. 4GLPCh. 4 - Prob. 5GLPCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 6BTNCh. 4 - Prob. 7BTNCh. 4 - Prob. 8BTNCh. 4 - Prob. 9BTN
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