how would i put this in a journal entry using Quickbooks
Case 2 California. The company does not collect sales tax since all of its customers are Your company is a distributor of remote control toys located in La Jolla. resellers. They began business in 2018 and want to use QBO starting January 1. 2019. Beginning balances as of 12/31/2018 have been provided below. You must make changes to your company. Based on what you learned in the text using the Sample Company, you are to make the following changes to the company you created in Chapter 1: 1 Modify settings as follows: a. Company - Company name - Modify the company name to Case 02 - Student Name (ID Number) replacing Student Name with your name and ID Number with the number your instructor indicated. b. Sales - Turn on - Track quantity on hand. (This will automatically show items table on expense and purchase forms.) c. Expenses - i) Turn on - Track expenses and items by customer. ii) Turn on - Make expenses and items billable (no markup, track billable expenses and items as income in a single account, no sales tax charged). iii) Default bill payment terms net 30. iv) Turn on - Use purchase orders (no custom fields). d. Payments - no changes Advanced i) Time tracking (1) Turn on - Add Service field to timesheets. (2) Turn on - Add Customer field to timesheets. 2 Create new accounts and related beginning balances as follows: e. Category Type Detail Type As of 12/31/18 Bank 12/31/18 Fixed Assets Name Balance Checking 5,000.00 Original cost 10,000.00 Depreciation 1,000.00 Notes Payable 12,000.00 Checking Machinery & Equipment Machinery & Equipment Notes Payable 12/31/18 Fixed Assets 12/31/18 Long-Term Liabilities Equity Common Stock Common Stock 100.00 12/31/18 "When entering a new fixed asset, place a check in the Track depreciation of this asset check box to reveal Original cost and Depreciation text boxes Enter amounts from above as positive numbers Case 2 California. The company does not collect sales tax since all of its customers are Your company is a distributor of remote control toys located in La Jolla. resellers. They began business in 2018 and want to use QBO starting January 1. 2019. Beginning balances as of 12/31/2018 have been provided below. You must make changes to your company. Based on what you learned in the text using the Sample Company, you are to make the following changes to the company you created in Chapter 1: 1 Modify settings as follows: a. Company - Company name - Modify the company name to Case 02 - Student Name (ID Number) replacing Student Name with your name and ID Number with the number your instructor indicated. b. Sales - Turn on - Track quantity on hand. (This will automatically show items table on expense and purchase forms.) c. Expenses - i) Turn on - Track expenses and items by customer. ii) Turn on - Make expenses and items billable (no markup, track billable expenses and items as income in a single account, no sales tax charged). iii) Default bill payment terms net 30. iv) Turn on - Use purchase orders (no custom fields). d. Payments - no changes Advanced i) Time tracking (1) Turn on - Add Service field to timesheets. (2) Turn on - Add Customer field to timesheets. 2 Create new accounts and related beginning balances as follows: e. Category Type Detail Type As of 12/31/18 Bank 12/31/18 Fixed Assets Name Balance Checking 5,000.00 Original cost 10,000.00 Depreciation 1,000.00 Notes Payable 12,000.00 Checking Machinery & Equipment Machinery & Equipment Notes Payable 12/31/18 Fixed Assets 12/31/18 Long-Term Liabilities Equity Common Stock Common Stock 100.00 12/31/18 "When entering a new fixed asset, place a check in the Track depreciation of this asset check box to reveal Original cost and Depreciation text boxes Enter amounts from above as positive numbers
