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Chaper & Purching Actty ervice Company As of 12/31/21, Martin owed $2,500 to his father (Richard Suitk) who initially helped him get started. Richard is charging him increst at a 6% amal rate. Martin has been paying interest only on a monthly basis. His last payment of interest cely was on 12/31/21. Over the next month or so, he plans to expand his business by selling a few products be believes will help his students. He has already parchased a few inome Quantity on Cost per Sales Price Description Vendor Category Books and Tools 18 25 Geometry in Sports Books Galore 22 Solving Puzzles Fun with Algebra Books Galore 20 Getting Ready for Calcu Books Galore Geometry K 15 Handheld Dry Erase Boards Notebooks (pack of 5) Math Shack Math Shack Paper Bag Depot 10 8 12 1/3/22 Since Martin is expanding his besines, he decides to purchase a general liability insurance policy from Protecur Insurance Company. The annual premium is $550. It covers the pe- riod 1/1-12/11/22. You write a check (101) to pay the full year peium amount (You add Protector Insurance as a vendor without adding any detail information) You will make an ad- je so recognize insurance expense for January at the end of the month TIP: Enter the policy period in the descriptias or memo field. This will help when you make the adjustment as part of Chapter 5's asignment Martin is moving into his new space today. The furniture artes in the morning. The total con of the desk, large study table, and eight chains Mamin underol from Frank's Furniture is $726. A bill, daned 1 (STR) for the total amount, is indolod with the shipment. The Te are Nr 10 You set up the new vendar Frank's Furniture 2174 Handwood Street Sacramento, CA 95822 You also set up a new account called Office Furniture (Aecos #185). You decide to record depreciation on all fixed assets in a single account so you don't check the Track depreci- ation of this asset bos. TIP. The accant should have a Fixed Asset account type, Furniture & Fixtures detail type Martin expects the furniture to last four years. Martin also purchases no more competers and duree mors calculators since he's doing more tutoring at his new location. The equipment, purchased from Paper Bag Depot, costs $1,701 in total (5441 for the three calculators and $1,260 for the two computers). Martin expects the calculators and coenpoters to last three years. Martin us a new credit card to make the parchese You set up the general ledger account for the new credit card fint. You use Prime Visa Payable as the account name and 220 as the account number. TIP: Don't forget to select the appropriate account type. You do not need so answer the question about when you want to start tracking your finances in the account. You enter the credit card charge using 1/3 as the daine. TIP: Use the Expense form to record credit card charges. Paper Bag Depot is the payee. Select the new crodit card ac- count as the Payment account. Leave the Ref no. blank. Set up VISA as a new payment method. lle sure to check the boa indicating that "This is a credit card." 888202 2222 15 20 12 10 Chaper & Purching Actty ervice Company As of 12/31/21, Martin owed $2,500 to his father (Richard Suitk) who initially helped him get started. Richard is charging him increst at a 6% amal rate. Martin has been paying interest only on a monthly basis. His last payment of interest cely was on 12/31/21. Over the next month or so, he plans to expand his business by selling a few products be believes will help his students. He has already parchased a few inome Quantity on Cost per Sales Price Description Vendor Category Books and Tools 18 25 Geometry in Sports Books Galore 22 Solving Puzzles Fun with Algebra Books Galore 20 Getting Ready for Calcu Books Galore Geometry K 15 Handheld Dry Erase Boards Notebooks (pack of 5) Math Shack Math Shack Paper Bag Depot 10 8 12 1/3/22 Since Martin is expanding his besines, he decides to purchase a general liability insurance policy from Protecur Insurance Company. The annual premium is $550. It covers the pe- riod 1/1-12/11/22. You write a check (101) to pay the full year peium amount (You add Protector Insurance as a vendor without adding any detail information) You will make an ad- je so recognize insurance expense for January at the end of the month TIP: Enter the policy period in the descriptias or memo field. This will help when you make the adjustment as part of Chapter 5's asignment Martin is moving into his new space today. The furniture artes in the morning. The total con of the desk, large study table, and eight chains Mamin underol from Frank's Furniture is $726. A bill, daned 1 (STR) for the total amount, is indolod with the shipment. The Te are Nr 10 You set up the new vendar Frank's Furniture 2174 Handwood Street Sacramento, CA 95822 You also set up a new account called Office Furniture (Aecos #185). You decide to record depreciation on all fixed assets in a single account so you don't check the Track depreci- ation of this asset bos. TIP. The accant should have a Fixed Asset account type, Furniture & Fixtures detail type Martin expects the furniture to last four years. Martin also purchases no more competers and duree mors calculators since he's doing more tutoring at his new location. The equipment, purchased from Paper Bag Depot, costs $1,701 in total (5441 for the three calculators and $1,260 for the two computers). Martin expects the calculators and coenpoters to last three years. Martin us a new credit card to make the parchese You set up the general ledger account for the new credit card fint. You use Prime Visa Payable as the account name and 220 as the account number. TIP: Don't forget to select the appropriate account type. You do not need so answer the question about when you want to start tracking your finances in the account. You enter the credit card charge using 1/3 as the daine. TIP: Use the Expense form to record credit card charges. Paper Bag Depot is the payee. Select the new crodit card ac- count as the Payment account. Leave the Ref no. blank. Set up VISA as a new payment method. lle sure to check the boa indicating that "This is a credit card." 888202 2222 15 20 12 10