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QuickBooks Project Prepare a Trial Balance for a Company for Jan. given the following information Jan 1, 2019 Began business by depositing $7,000 in a
QuickBooks Project
Prepare a Trial Balance for a Company for Jan. given the following information
Jan 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 |
Jan 2, 2019 | Ordered supplies, $800 |
Jan 2, 2019 | Borrowed $12,000 from the bank that is due in 2 years at 10% |
Jan 3, 2019 | Purchased equipment for cash $4,000 |
Jan 4, 2019 | Made two months' rent payment on the store, $2,000 |
Jan 7, 2019 | Received supplies ordered on Jan 2 and agreed to pay half on the amount in 10 days and the rest in 30 days |
Jan 8, 2019 | Purchased merchandise inventory on account, $7,000 |
Jan 9, 2019 | Paid for advertising to announce the grand opening, $7,000 |
Jan 12, 2019 | Grand opening |
Jan 17, 2019 | paid half the amount owed on the supplies purchased on Jan 7. |
Jan 19, 2019 | weekly sales of $3,000, merchandise costing $2,000, half cash and half on account |
Jan 26, 2019 | Received payment on account $700 |
Jan 26, 2019 | Weekly cash sales of $4,500, merchandise costing $2,000, half cash and half on account |
Jan 31, 2019 | Received utility bill for January, $300 |
Jan 31, 2019 | one month's rent expired |
Jan 31, 2019 | accrued one month's interest, $100 |
Jan 31, 2019 | Depreciation expense for the month is $100 |
Jan 31, 2019 | The income tax rate is 30% |
Here is a list of the accounts the company uses:
Account | Type |
Cash | Bank |
Accounts receivable | other current asset |
merchandise inventory | other current asset |
prepaid rent | other current asset |
supplies | other current asset |
equipment | Fixed asset |
equipment - accum Depr | Fixed asset |
Accounts payable | other current liability |
Income taxes payable | other current liability |
payroll liabilities | other current liabilities |
notes payable | long term liabilities |
common stock | equity |
income summary | equity |
retained earnings | equity |
sales | income |
cost of goods sold | cost of goods sold |
advertising expense | expense |
depreciation expense | expense |
income tax expense | expense |
payroll expense | expense |
rent expense | expense |
supplies expense | expense |
utility expense | expense |
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