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How to do this in Quickbooks? Case 6 Now it's time for you to add some investing and financing activities to your company. Based on
How to do this in Quickbooks?
Case 6 Now it's time for you to add some investing and financing activities to your company. Based on what you learned in the text using the Sample Company, you are to make the following changes to the Case 6 company you modified in Chapter 5 : 1 Create a new fixed asset account with an account type: Fixed Asset, detail type: Fixed Asset Computers, name: Computers. Track depreciation of this asset. 2 Change the name of the Interest Paid category to Interest Expense using the Chart of Accounts edit feature. 3 Record the signing of a new 4%,36-month note payable on 1/01/23 with Seattle Bank (a new vendor) in the amount of $20,000. This was an addition to the existing $100,000 note payable that existed on 12/31/22. A check was received from Seattle Bank and immediately deposited. 4 Record the purchase of a new computer on 1/23/23 from Best Buy (a new vendor), check: 591 , amount: $8,000. 5 Record the purchase of a long-term investment on 1/25/23 from McConnel Investments, Inc. (a new vendor), check: 592, amount: $12,000. 6 Record the sale of common stock on 1/26/23 to Shareholders (a new vendor) receiving a $10,000 check that was immediately deposited (\$100 common stock \$9,900 Paid-In Capital). 7 Record the purchase of machinery \& equipment from GM (a new vendor) on 1/27/23 in exchange for a note payable of $12,000. 8 Record the payment of $3,542.88 (principle $3,142.88 and interest $400.00 ) to Seattle Bank on the $120,000 note payable on 1/31/23 with check 593. 9 Record the payment of $500 in dividends to Shareholders on 1/31/23, check: 594 (remember to use Retained Earnings to record dividends). 0 Prepare and print the Trial Balance 1/31/23 report you saved previously. Your report should look like Figure 6.14. Case 6 Now it's time for you to add some investing and financing activities to your company. Based on what you learned in the text using the Sample Company, you are to make the following changes to the Case 6 company you modified in Chapter 5 : 1 Create a new fixed asset account with an account type: Fixed Asset, detail type: Fixed Asset Computers, name: Computers. Track depreciation of this asset. 2 Change the name of the Interest Paid category to Interest Expense using the Chart of Accounts edit feature. 3 Record the signing of a new 4%,36-month note payable on 1/01/23 with Seattle Bank (a new vendor) in the amount of $20,000. This was an addition to the existing $100,000 note payable that existed on 12/31/22. A check was received from Seattle Bank and immediately deposited. 4 Record the purchase of a new computer on 1/23/23 from Best Buy (a new vendor), check: 591 , amount: $8,000. 5 Record the purchase of a long-term investment on 1/25/23 from McConnel Investments, Inc. (a new vendor), check: 592, amount: $12,000. 6 Record the sale of common stock on 1/26/23 to Shareholders (a new vendor) receiving a $10,000 check that was immediately deposited (\$100 common stock \$9,900 Paid-In Capital). 7 Record the purchase of machinery \& equipment from GM (a new vendor) on 1/27/23 in exchange for a note payable of $12,000. 8 Record the payment of $3,542.88 (principle $3,142.88 and interest $400.00 ) to Seattle Bank on the $120,000 note payable on 1/31/23 with check 593. 9 Record the payment of $500 in dividends to Shareholders on 1/31/23, check: 594 (remember to use Retained Earnings to record dividends). 0 Prepare and print the Trial Balance 1/31/23 report you saved previously. Your report should look like Figure 6.14 Step by Step Solution
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