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QBO Chapter 6 Case 5 Stuck on #4 specifically, but answers to all of the steps would be very helpful! Thank you in advance! Case
QBO Chapter 6 Case 5
Case 5 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 5 company you modified in Chapter 5 : 1 Create a new fixed asset account with an account type: Fixed Assets, detail type: Fixed Asset Copiers, name: Fixed Asset Copiers. Track depreciation of this asset. 2 Create a new asset account with an account type: Other Assets, detail type: Other Long-Term Assets, name: Investments. 3 Create an expense account with an account type: Expenses, detail type: Interest Paid, name: Interest Expense. 4 Record the signing of a new 6\%, 36-month note payable on 1/01/22 with Gold Coast Bank (a new vendor) in the amount of $25,000. A check was received from Gold Coast Bank and immediately deposited. 5 Record the purchase of a new copier on 1/03/22 from Coastal Copy (a new vendor), check: 3008 , amount: $25,000. 6 Record the purchase of a long-term investment on 1/25/22 from Fleet Investments, Inc. (a new vendor), check: 3009 , amount: $50,000. 7 Record the additional investment as a deposit on 1/26/22 from Owners (a new vendor) receiving a $80,000 check that was immediately deposited as an increase in Owner's Equity. 8 Record the purchase of computers (fixed asset) from Acme Equipment on 1/3/22 in exchange for a note payable to Acme Equipment of $30,000. 9 Record the payment of $20,907 (principal $18,182 and interest $2,725 ) to Chase Bank on a note payable on 1/31/22 with check 3010 . 10 Record the payment of $761 (principal $636 and interest $125 ) to Gold Coast Bank on a note payable on 1/31/22 with check 3011. 11 Record the payment of $913 (principal $763 and interest $150 ) to Acme Equipment on a note payable on 1/31/22 with check 3012 . 12 Record the payment of $5,000 in withdrawals (use Owner's Equity category) to Owners on 1/31/22, check: 3013 Stuck on #4 specifically, but answers to all of the steps would be very helpful! Thank you in advance!
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