Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help on how to set this up in QuickBooks. I think I did it wrong. Please help! The Teacher's College workshop was a huge

image text in transcribed

Need help on how to set this up in QuickBooks. I think I did it wrong. Please help!

The Teacher's College workshop was a huge success. One of the teachers Martin met there asked him whether he'd be willing to put on a similar workshop this Friday (2/16). The teacher explains that this is for an independent group of educators and asks Martin if he'd consider discounting the Educator Workshop fee. Martin agrees to give the group a 10% discount on the $3,000 fee. - The new customer is: Dynamic Teaching 2121 Parallel Street Sacramento, CA 95822 Dynamic Teaching is subject to sales taxes. Terms Net 30 - You set up a new account (Sales Discounts) to track discounts given to customers. You use \#490 as the account number. TIP: Discounts are contra revenue accounts. Make sure you pick the correct account type in the Save account under field. Use Discounts/Refunds Given as the detail type (Tax form section field). - You turn on the Discount feature on the Sales tab of Account and Settings. - You select the new Sales discount account in the Chart of accounts section on the Advanced tab of Account and Settings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Stages of a Relationship?

Answered: 1 week ago