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How am I supposed to prepare the following adjusted journal entries into QuickBooks? (Step 2) For this assignment, refer to the sample company for a
How am I supposed to prepare the following adjusted journal entries into QuickBooks? (Step 2)
For this assignment, refer to the sample company for a contractor-based business. You'll prepare adjusting journal entries and review the Adjusted Trial Balance. For this assignment, we will not use any Cost of Goods Sold (Job Cost) accounts. Step One - Create the following accounts for use in this assignment (you may or may not use all of these): 1315 - Prepaid Expenses (Current Asset) 2030 - Interest Payable (Current Liability) 2040 - Wages Payable (Current Liability) 6700 - Security Expense (Expense) Note: You can create accounts in the Chart of Accounts. Step Two - Prepare the following Adjusting Journal Entries for the month of December 2019: 1. Monthly depreciation for the following assets, assuming all assets have a useful life of 5 years and none will be fully depreciated: a. Automobiles & Trucks b. Computer & Office Equipment C. Machinery & Equipment 2. Interest expense on the truck loan [$215.00] 3. Security expenses were prepaid one year in advance. None have been expensed. 4. Wages were earned, yet unpaid, for the following employees: a. Officer $5,000.00 b. Office Staff $2,200.00 c. Designer $1,750.00 5. Heather Campbell has a deposit with the company. We performed services for her, earning $3,250.00
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