Question
Quick Books Project Prepare a Trial Balance for a Company for Jan and Feb separately. given the following information January 1, 2019 Began business by
Quick Books Project Prepare a Trial Balance for a Company for Jan and Feb separately. given the following information
January 1, 2019 Began business by depositing $7,000 in a bank account in the name of the company in exchange for 7,000 shares of $1 par value common stock. January 2, 2019 Ordered supplies, $800. January 2, 2019 Borrowed $12,000 from the bank that is due in 2 years at 10% January 3, 2019 Purchased equipment for cash, $4,000. January 4, 2019 Made two months' rent payment on the store, $2,000. January 7, 2019 Received supplies ordered on January 2 and agreed to pay half of the amount in 10 days and the rest in 30 days. January 8, 2019 Purchased merchandise inventory on account, $7,000. January 9, 2019 Paid for advertising to announce the grand opening, $800. January 12, 2019 Grand opening January 17, 2019 Paid half the amount owed on the supplies purchased on Jan. 7. January 19, 2019 Weekly sales of $3,000, merchandise costing $2,000, half cash and half on account. January 26, 2019 Received payment on account, $700 January 26, 2019 Weekly cash sales of $4,500, merchandise costing $3,000. January 31, 2019 Received utility bill for January, $300 January 31, 2019 One month's rent expired January 31, 2019 Accrued one month's interest, $100. January 31, 2019 Depreciation expense for the month is $100. January 31, 2019 The income tax rate is 30%
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Feb
February 3, 2019 Purchased merchandise inventory on account, $2,500.
February 6, 2019 Paid balance owed for supplies purchased on Jan 7.
February 10, 2019 Weekly cash sales totaling $7,500, merchandise costing $4,000.
February 15, 2019 Paid utility bill for January
February 20, 2019 Received payment on account, $700.
February 25, 2019 Paid for merchandise purchased on Feb 3.
February 28, 2019 Received utility bill for February, $300.
February 28, 2019 One month's rent expired
February 28, 2019 Inventory of supplies on hand shows that $300 of supplies till on hand.
February 28, 2019 Accrued one month's interest, $100.
February 28, 2019 Depreciation expense for the month is $100
February 28, 2019 The income tax rate is 30%
Quickbooks Case for Intermediate II PART 1 - Attend Training Seminar on February 22 PART 2 - Submit Chart of Accounts - Due by March 8 PART 3 - Submit Trial Balance as of Jan 31 - Due by March 22 January 1, 2019 Began business by depositing $7,000 in a bank account in the name of the company in exchange for 7,000 shares of $1 par value common stock. January 2, 2019 Ordered supplies, $800. January 2, 2019 Borrowed $12,000 from the bank that is due in 2 years at 10% January 3, 2019 Purchased equipment for cash, $4,000. January 4, 2019 Made two months' rent payment on the store. $2,000. January 7, 2019 Received supplies ordered on January 2 and agreed to pay half of the amount in 10 days and the rest in 30 days. January 8, 2019 Purchased merchandise inventory on account, $7,000. January 9, 2019 Paid for advertising to announce the grand opening, $800. January 12, 2019 Grand opening January 17, 2019 Paid half the amount owed on the supplies purchased on Jan. 7. January 19, 2019 Weekly sales of $3,000, merchandise costing $2,000, half cash and half on account. January 26, 2019 Received payment on account, $700 January 26, 2019 Weekly cash sales of $4,500, merchandise costing $3.000. January 31, 2019 Received utility bill for January, $300 January 31, 2019 One month's rent expired January 31, 2019 Accrued one month's interest, $100. January 31, 2019 Depreciation expense for the month is $100. January 31, 2019 The income tax rate is 30% PART 4 - Submit Trial Balance as of Feb 28 - Due by April 5 February 3, 2019 Purchased merchandise inventory on account. $2.500. February 6, 2019 Paid balance owed for supplies purchased on Jan 7. February 10, 2019 Weekly cash sales totaling $7,500, merchandise costing $4,000. February 15, 2019 Paid utility bill for January February 20, 2019 Received payment on account, $700. February 25, 2019 Paid for merchandise purchased on Feb 3. February 28, 2019 Received utility bill for February, $300. February 28, 2019 One month's rent expired February 28, 2019 Inventory of supplies on hand shows that $300 of supplies till on hand. February 28, 2019 Accrued one month's interest, $100. February 28, 2019 Depreciation expense for the month is $100 February 28, 2019 The income tax rate is 30% PART 5 - Submit Income Statement and Balance Sheet for the period January 1 - February 28 Prepare closing entries as of Feb 28 and then submit a Trial Balance as of Feb 28 - Due by April 19Step by Step Solution
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