Question
Using the general journal, T-accounts, and 2-column form found on the pages following the January Task List, MANUALLY journalize the January transactions (including January service
Using the general journal, T-accounts, and 2-column form found on the pages following the January Task List, MANUALLY journalize the January transactions (including January service charge), post to the T-accounts (create account titles and account numbers as needed), and prepare a trial balance.
#2: Account for the following transactions using QBO. Note: we will continue to add/edit accounts as needed for transactions.
1/6 Record initial investment by Dave (owner), $30,000, record as a general journal entry.
1/10 Write check #1001 to purchase $43 office supplies, $750 computer and $200 printer at Office City, $1,042.65 total includes sales tax (5%).
- QBO has Expense or Check tabs for this task; the Expense tab is used when paying with check, credit or debit cards; the Check tab for only check payments. Either will record this transaction.
- Use a $500 capitalization amount for asset purchases; meaning if $500 or over it is recorded/capitalized into an asset account, under $500 it is expensed.
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1/15 Bought lawn mower $200, lawn tractor $2500, and trailer $2,000 from ABC Equipment, invoice #6908, 6-months free financing, 9% interest charged on unpaid balance after 7/15/2022. (Note: these amounts include sales tax.)
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1/16 Dave invested his 2014 Chevy pick-up truck, GVWR (gross vehicle weight rating) is 6250#, into business. Cost was $27,500 when purchased new, estimated fair market value (FMV) at date of investment is $18,200. Truck will be exclusively for business use. Record at FMV as a journal entry, Edit Vehicles account: Truck.
1/28 Bought miscellaneous small tools from PP Equipment (Add new vendor 4 shovels, 2 rakes, 4 gas cans, broom, total $313.68 includes sales tax. Paid with check #1002. Enter Check.
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