ACCOUNTING USING QUICKBOOKS

Required information

Project 3.1 Skip to question [The following information applies to the questions displayed below.] Project 3.1 is a continuation of Project 2.1. You will use the QBO Company you created for Project 1.1 and updated in Project 2.1. Keep in mind the QBO Company for Project 3.1 does not reset and carries your data forward, including any errors. So it is important to check and crosscheck your work to verify it is correct before clicking the Save button. Mookie The Beagle Concierge provides convenient, high-quality pet care. Cy, the founder of Mookie The Beagle Concierge, asks you to assist in using QBO to save time recording transactions for the business.

P3.1.7 Recurring Transactions Mookie The Beagle Concierge will have recurring Contractor Expense to pay the vet program students who provide the pet care services. Cy asks us to save the Contractor Expense as a QBO Recurring Transaction for ease of future use. Mary Dolan was the contractor who provided the pet care services for both Bebe and Mario. Mookie The Beagle Concierge will pay Mary Dolan $20 per hour for those services.

1. Create a Recurring Transaction.

a) Select Gear icon > Recurring Transactions > New

b) Select Transaction Type: Expense > OK

c) Enter Template Name: Contractors Expense

d) Select Type: Unscheduled

e) Add Payee: + Add New > Vendor Type. Enter Name: Mary Dolan

f) Select Account: Checking

g) Select Payment Method: Check

h) Select Category: Contract Labor

i) Enter Amount: based upon the number of hours Mary Dolan provided for Bebe and Mario

j) What is the Amount for the Recurring Expense? k) Select Save Template

RECURRING TRANSACTION=_____________

2. Use a Recurring Transaction.

a) From the Recurring Transaction List, select Contract Labor > Use

b) Select Payment Date: 01/10/2022

c) Select Payment Method: Check

d) Select Save

e) From the bottom of the Contractors Expense window, select More > Transaction Journal

f) What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) g) What are the Account and Amount Credited? (Answer this question in the table shown below. Round your answer 2 decimal places.)

ACCOUNT AMOUNT

DEBIT ______________________ _____________________

CREDIT ______________________ ______________________