Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Under what accounts go these transaction in Quickbook? Date 01/01/2021 Transaction Make appropriate journal entry to transfer Opening Balance Equity to Capital Stock account. You

image text in transcribed

Under what accounts go these transaction in Quickbook?

Date 01/01/2021 Transaction Make appropriate journal entry to transfer Opening Balance Equity to Capital Stock account. You invest $6,000 (check number 101) in the business. Took out a bank loan for $12,000. This will be repaid within 1 year. (account number 26100 Note Payable-Bank) Received the bill and paid one month's rental ($250) to EZ Rental Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Baskets Galore Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on 01/01/2021 fronm Baskets Galore Ordered 5 dozen roses from Flowersbyweb. Provided an estimate of 12 Wedding Design Arrangements for Missy Benson Received bill from Baskets Galore for 01/01/2021 order Received order in full from Flowersbyweb and also received invoice Sold 1 Funeral Design Arrangement to St Luke's on account. Awarded job from Missy Benson. Sent Missy Benson invoice for completing half of the jolb Paid Baskets Galore in full for merchandise ordered on 01/01/2021. Paid Flowersbyweb for goods ordered on 01/06/2021. Received payment from St Luke's (check no. 350) and deposited the funds. Received payment from Missy Benson for job above (check no. 1015) and deposited funds. Paid Beth for this pay period. For this pay period Beth worked 20 hours Went to Office Depot for office supplies-wrote $35 check from business account to cover it. Sent Missy Benson invoice for completing the job Sent reminder statements to outstanding customer accounts Received payment from Missy Benson for completing job (check no. 1022) and deposited funds. Sold 1 dozen roses to Ellen Johnson (cash sale). Received cash payment for Ellen Johnson roses later the same day and recorded as undeposited funds Paid Beth for this pay period: 15 hours Sold 25 Wedding Designs and 3 dozen Roses to St Luke's Church for cash and deposited these funds along with all undeposited funds. 01/03/2021 01/06/2021 01/07/2021 01/07/2021 01/9/2021 01/10/2021 01/13/2021 01/13/2021 01/14/2021 01/15/2021 01/20/2021 01/21/2021 01/22/2021 01/28/2021 01/30/2021 01/31/2021 Date 01/01/2021 Transaction Make appropriate journal entry to transfer Opening Balance Equity to Capital Stock account. You invest $6,000 (check number 101) in the business. Took out a bank loan for $12,000. This will be repaid within 1 year. (account number 26100 Note Payable-Bank) Received the bill and paid one month's rental ($250) to EZ Rental Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Baskets Galore Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on 01/01/2021 fronm Baskets Galore Ordered 5 dozen roses from Flowersbyweb. Provided an estimate of 12 Wedding Design Arrangements for Missy Benson Received bill from Baskets Galore for 01/01/2021 order Received order in full from Flowersbyweb and also received invoice Sold 1 Funeral Design Arrangement to St Luke's on account. Awarded job from Missy Benson. Sent Missy Benson invoice for completing half of the jolb Paid Baskets Galore in full for merchandise ordered on 01/01/2021. Paid Flowersbyweb for goods ordered on 01/06/2021. Received payment from St Luke's (check no. 350) and deposited the funds. Received payment from Missy Benson for job above (check no. 1015) and deposited funds. Paid Beth for this pay period. For this pay period Beth worked 20 hours Went to Office Depot for office supplies-wrote $35 check from business account to cover it. Sent Missy Benson invoice for completing the job Sent reminder statements to outstanding customer accounts Received payment from Missy Benson for completing job (check no. 1022) and deposited funds. Sold 1 dozen roses to Ellen Johnson (cash sale). Received cash payment for Ellen Johnson roses later the same day and recorded as undeposited funds Paid Beth for this pay period: 15 hours Sold 25 Wedding Designs and 3 dozen Roses to St Luke's Church for cash and deposited these funds along with all undeposited funds. 01/03/2021 01/06/2021 01/07/2021 01/07/2021 01/9/2021 01/10/2021 01/13/2021 01/13/2021 01/14/2021 01/15/2021 01/20/2021 01/21/2021 01/22/2021 01/28/2021 01/30/2021 01/31/2021

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

IRS Audit Protection And Survival Guide Bed And Breakfasts

Authors: Gerald F. Bernard, Daniel J. Baran

1st Edition

0471166340, 978-0471166344

More Books

Students also viewed these Accounting questions