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PROBLEM 4.10 Accounting cycle and chart of accounts Carlson Ltd is a business selling freezers to the public. This is its first year of operations. The chart of accounts as follows Chart of accounts 30-39 30 31 32 35 1-9 hare capital Retained profit P & L summary Bank of NZ Sundry debtons Delivery truck 10-19 10 15 20-29 20 COGS alary- shop assistants Delivery truck expenses Office expenses Interest expense Sundry credtons Loan from Finance Co. Revenue 42 47 Transactions for April 2019 were as follows: 2019 Owners introduced $150 000 in share capitsl deposited in Bank of New Zealand. 2 Delivery tuck bought from finance compary for 80 000 to become long-term lsan 4 Goods purchased on oedit for nesale for $200 000 7Paid delivery truck expenses, 54800 10 Sales made for cash, totaling S50 000 no ce value . onginal cost S30 000. 5 Sales made to credit customers, $120 000 invoice value-original cost $70 000. Ap 1 25 Shop sistants salany for month paid, totalling $8000 27 Paid ofice expenoes 526 000 29 Received 590 000 from oedit customers 29 Paid sundry creditors, $100 000 29 Paid interest on loun, $800 Enter the transactions in a general journal. 2 Post to the ledger. 3 Extract a trial balance. 4 Prepare, and post, closing entries S Prepare an income statement for April 2019 6 Extract a post-closing trial balance and prepare a balance sheet at 30 April 2019

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