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Case 1 for Quickbooks Online chapter 9. Please help guide through these steps. Open and review your previously customized report named Trial Balance 1/31/24. Record
Case 1 for Quickbooks Online chapter 9. Please help guide through these steps.
Open and review your previously customized report named Trial Balance 1/31/24. Record the appropriate adjusting journal entries on 1/31/24 based on the following: a. An inventory of supplies reveals that only $75 of supplies remain as of 1/31/24. You'll need to add a new Supplies account-Account Type: Expenses, Detail Type: Supplies \& Materials, Name: Supplies. b. Prepaid expenses of $800 expired (representing prepaid rent) in the month of January. c. A bill for $150 was received and recorded in the next month for repairs and maintenance consumed in the current month. Create a new liability account as you did earlier in the chapter. d. Consulting services recorded on sales receipt \#1004 for $2,500 to Surf Rider Foundation were never performed even though cash had been received. Thus, the revenue had not been earned. Create a new liability account as you did earlier in the chapter. e. Consulting services of $8,500 were performed on the last day of the month for a new customer Blazing Boards but not invoiced to the customer or recorded into the accounting records until a few days into the next month. Create a new asset account as you did earlier in the chapter. f. Depreciation Expense of $575 ( $75 and $500 for Equipment and Furniture \& Fixtures, respectively) needed to be recorded for the month. Before recording this journal entry, edit the "Depreciation" expense account so that the new name is "Depreciation Expense." Also, change the account title for Furniture \& Fixtures accumulated depreciation from "Depreciation" to "Accumulated Depreciation" as you did earlier in the chapter. This also needs to be done for the Equipment accumulated depreciation account. Open and review your previously customized report named Trial Balance 1/31/24. Record the appropriate adjusting journal entries on 1/31/24 based on the following: a. An inventory of supplies reveals that only $75 of supplies remain as of 1/31/24. You'll need to add a new Supplies account-Account Type: Expenses, Detail Type: Supplies \& Materials, Name: Supplies. b. Prepaid expenses of $800 expired (representing prepaid rent) in the month of January. c. A bill for $150 was received and recorded in the next month for repairs and maintenance consumed in the current month. Create a new liability account as you did earlier in the chapter. d. Consulting services recorded on sales receipt \#1004 for $2,500 to Surf Rider Foundation were never performed even though cash had been received. Thus, the revenue had not been earned. Create a new liability account as you did earlier in the chapter. e. Consulting services of $8,500 were performed on the last day of the month for a new customer Blazing Boards but not invoiced to the customer or recorded into the accounting records until a few days into the next month. Create a new asset account as you did earlier in the chapter. f. Depreciation Expense of $575 ( $75 and $500 for Equipment and Furniture \& Fixtures, respectively) needed to be recorded for the month. Before recording this journal entry, edit the "Depreciation" expense account so that the new name is "Depreciation Expense." Also, change the account title for Furniture \& Fixtures accumulated depreciation from "Depreciation" to "Accumulated Depreciation" as you did earlier in the chapter. This also needs to be done for the Equipment accumulated depreciation accountStep by Step Solution
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