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Problem 04-01 Name: Ahmed Chaudhry 2301-2424 fall 2012
NOTE: Ledger accounts begin at cell A172, and show all entries that need to be posted. Given Data: Instructions:
SEE-IT-NOW TRAVEL SEE-IT-NOW TRAVEL 1. Analyze, journalize, and post daily transactions.
General Journal 2. Prepare an unadjusted trial balance (general ledger balances
Date Account Titles Trans. No. Debit Credit Apr 1 Stafford invested cash $ 20,000 after daily transactions but before adjusting entries).
Transactions for April (Part 2): 1 Stafford invested computer equipment 40,000 3. Analyze, journalize, and post adjusting entries.
Apr 1 Cash 55 20,000 2 Paid first month's rent 1,700 (See adjustment data below Chart of Accounts.)
Computer Equipment 40,000 3 Purchased office supplies 1,100 4. Prepare an adjusted trial balance (general ledger balances after
J. Stafford,Capital 60,000 «- Correct! 10 Paid annual insurance premium 3,600 adjusting entries but before closing entries).
2 Rent Expense 56 1,700 14 Paid salaries 1,800 5. Prepare the financial statements: income statement,
Cash 1,700 «- Correct! 24 Collected commissions earned 7,900 statement of owner's equity, and balance sheet.
3 Office Supplies 57 1,100 28 Paid salaries 1,800 6. Analyze, journalize, and post closing entries.
Cash 1,100 «- Correct! 29 Paid for computer repair 250 7. Prepare the post-closing trial balance.
10 Prepaid Insurance 58 3,600 30 Paid telephone bill 650 Note: All forms are below the General Journal. Be sure
Cash 3,600 «- Correct! 30 Stafford withdrew cash for personal use 1,500 to use the following account names (exactly as they are
14 Salaries Expense 59 1,800 listed).
Cash 1,800 «- Correct! Adjustment data for April 30: Chart of Accounts
24 Cash 60 7,900 a. 2/3 of a month's insurance consumed $ ? 101 Cash
Commissions Earned 7,900 «- Correct! b. Office supplies on hand 700 106 Accounts Receivable
28 Salaries Expense 61 1,800 c. Depreciation on computer 600 124 Office Supplies
Cash 1,800 «- Correct! d. Unpaid salaries 320 128 Prepaid Insurance
29 Repairs Expense 62 250 e. Commissions earned but not billed 1,650 167 Computer Equipment
Cash 250 «- Correct! 168 Accumulated Depreciation, Computer Equipment
30 Telephone Expense 63 650 Check figures: 209 Salaries Payable
Cash 650 «- Correct! (2) Unadjusted trial balance totals $ 67,900 301 J. Stafford, Capital
30 J. Stafford, Withdrawals 64 1,500 (3a) Debit Insurance expense 200 302 J. Stafford, Withdrawals
Cash 1,500 «- Correct! (5) Net income 1,830 405 Commissions Earned
Adjusting Entries (Part 4): Capital (4/30/XXX5) 60,330 612 Depreciation, Computer Equipment
Apr 30 Insurance Expense 65 200 Total assets 60,650 622 Salaries Expense
Prepaid Insurance 200 «- Correct! (7) Post-closing trial balance totals 61,250 637 Insurance Expense
30 Office Supplies Expense 66 400 640 Rent Expense
Office Supplies 400 «- Correct! 650 Office Supplies Expense
30 Depreciation Expense, Computer Equipment 67 600 684 Repairs Expense
Accumulated Depreciation, Computer Equipment 600 «- Correct! 688 Telephone Expense
30 Salaries Expense 68 320 901 Income Summary
Salaries Payable 320 «- Correct!
30 Accounts Receivable 69 1,650
Commissions Earned 1,650 «- Correct!
Closing Entries (Part 6)
Apr 30 Commissions Earned 70 9,550
Income Summary 9,550 «- Correct!
30 Income Summary 71 7,720
Depreciation Expense, Computer Equipment 600 «- Correct!
Salaries Expense 3,920 «- Correct!
Insurance Expense 200 «- Correct!
Rent Expense 1,700 «- Correct!
Office Supplies Expense 400 «- Correct!
Repairs Expense 250 «- Correct!
Telephone Expense 650 «- Correct!
30 Income Summary 72 1,830
J. Stafford, Capital 1,830 «- Correct!
30 J. Stafford, Capital 73 1,500
J. Stafford, Withdrawals 1,500 «- Correct!
SEE-IT-NOW TRAVEL
Unadjusted Trial Balance
April 30, XXX5
Account Titles Debits Credits
Cash $ 15,500
Accounts receivable
Office supplies 1,100
Prepaid insurance 3,600
Computer equipment 40,000
Accumulated depreciation, computer equipment
Salaries payable
J. Stafford, Capital $ 60,000
J. Stafford, Withdrawals 1,500
Commissions earned 7,900
Depreciation, computer equipment
Salaries expense 3,600
Insurance expense
Rent expense 1,700
Office supplies expense
Repairs expense 250
Telephone expense 650
Totals $ 67,900 $ 67,900
Correct! Correct!
SEE-IT-NOW TRAVEL
Adjusted Trial Balance
April 30, XXX5
Account Titles Debits Credits
Cash $ 15,500 - 0
Accounts receivable 1,650 - 0
Office supplies 700 - 0
Prepaid insurance 3,400 - 0
Computer equipment 40,000 - 0
Accumulated depreciation, computer equipment - 0 600
Salaries payable - 0 320
J. Stafford, Capital - 0 $ 60,000
J. Stafford, Withdrawals 1,500 - 0
Commissions earned - 0 9,550
Depreciation, computer equipment 600 - 0
Salaries expense 3,920 - 0
Insurance expense 200 - 0
Rent expense 1,700 - 0
Office supplies expense 400 - 0
Repairs expense 250 - 0
Telephone expense 650 - 0
Totals $ 70,470 $ 70,470
Try again! Try again!
SEE-IT-NOW TRAVEL
Income Statement
For Month Ended April 30, XXX5
Commissions earned $9,550
Expenses:
Depreciation expense, computer equipment $600
Salaries expense 3,920
Insurance expense 200
Rent expense 1,700
Office supplies expense 400
Repairs expense 250
Telephone expense 650
Total expense 7,720
Net income $1,830
Correct!
SEE-IT-NOW TRAVEL
Statement of Owner's Equity
For Month Ended April 30, XXX5
J. Stafford, Capital, April 1, 2005 $0
Plus: Investment by owner $60,000
Net income 1,830 61,830
Total $ 61,830
Less withdrawals (1,500)
J. Stafford, Capital, April 30, 2005 $ 60,330
Correct!
SEE-IT-NOW TRAVEL
Balance Sheet
April 30, XXX5
Assets
Cash $15,500
Accounts receivable 1,650
Office supplies 700
Prepaid insurance 3,400
Computer equipment $40,000
Accumulated depreciation, computer equipment (600)
Total assets $60,650
Liabilities
Salaries payable $ 320
Owner's Equity
J. Stafford, Capital 60,330
Total liabilities and equity $ 60,650
Correct!
SEE-IT-NOW TRAVEL
Post-Closing Trial Balance
April 30, XXX5
Account Titles Debits Credits
Cash $ 15,500
Accounts receivable 1,650
Office supplies 700
Prepaid insurance 3,400
Computer equipment 40,000
Accumulated depreciation, computer equipment $ 600
Salaries payable 320
J. Stafford, Capital 60,330
Totals $ 61,250 $ 61,250
Correct! Correct!
SEE-IT-NOW TRAVEL Note: Compute "Balance" after each posting.
General Ledger
Cash Account No. 101
Trans.
Date Explanation no. Debit Credit Balance
Apr 1 GJ55 20,000 20,000
2 GJ56 1,700 18,300
3 GJ57 1,100 17,200
10 GJ58 3,600 13,600
14 GJ59 1,800 11,800
24 GJ60 7,900 19,700
28 GJ61 1,800 17,900
29 GJ62 250 17,650
30 GJ63 650 17,000
30 GJ64 1,500 15,500 «- Correct!
Accounts Receivable Account No. 106
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 GJ69 1,650 1,650 «- Correct!
Office Supplies Account No. 124
Trans.
Date Explanation no. Debit Credit Balance
Apr 3 GJ57 1,100 1,100
30 Adjusting GJ66 400 700 «- Correct!
Prepaid Insurance Account No. 128
Trans.
Date Explanation no. Debit Credit Balance
Apr 10 GJ58 3,600
30 Adjusting GJ65 200 3,400 «- Correct!
Computer Equipment Account No. 167
Trans.
Date Explanation no. Debit Credit Balance
Apr 1 GJ55 40,000 40,000 «- Correct!
Accumulated Depreciation,
Computer Equipment Account No. 168
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 Adjusting GJ67 600 600 «- Correct!
Salaries Payable Account No. 209
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 Adjusting GJ68 320 320 «- Correct!
J. Stafford, Capital Account No. 301
Trans.
Date Explanation no. Debit Credit Balance
Apr 1 GJ55 60,000 60,000
30 Closing GJ72 1,830 61,830
30 Closing GJ73 1,500 60,330 «- Correct!
J. Stafford, Withdrawals Account No. 302
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 GJ64 1,500 1,500
30 Closing GJ72 1,500 0 «- Correct!
Commissions Earned Account No. 405
Trans.
Date Explanation no. Debit Credit Balance
Apr 24 GJ60 7,900 7,900
30 Adjusting GJ69 1,650 9,550
30 Closing GJ70 9,550 0 «- Correct!
Depreciation Expense,
Computer equipment Account No. 612
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 Adjusting GJ67 600 600
30 Closing GJ71 600 0 «- Correct!
Salaries Expense Account No. 622
Trans.
Date Explanation no. Debit Credit Balance
Apr 14 GJ59 1,800 1,800
28 GJ61 1,800 3,600
30 Adjusting GJ68 320 3,920
30 Closing GJ71 3,920 0 «- Correct!
Insurance Expense Account No. 637
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 Adjusting GJ65 200 200
30 Closing GJ71 200 0 «- Correct!
Rent Expense Account No. 640
Trans.
Date Explanation no. Debit Credit Balance
Apr 2 GJ56 1,700 1,700
30 Closing GJ71 1,700 0 «- Correct!
Office Supplies Expense Account No. 650
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 GJ66 400 400
30 Closing GJ71 400 0 «- Correct!
Repairs Expense Account No. 684
Trans.
Date Explanation no. Debit Credit Balance
Apr 29 GJ62 250 250
30 Closing GJ71 250 0 «- Correct!
Telephone Expense Account No. 688
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 GJ63 650 650
30 Closing GJ71 650 0 «- Correct!
Income Summary Account No. 901
Trans.
Date Explanation no. Debit Credit Balance
Apr 30 Closing GJ70 9,550 9,550
30 Closing GJ71 7,720 1,830
30 Closing GJ72 1,830 0 «- Correct!

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