Need Help about Quickbooks (you can send the answer to zola_papou@yahoo.com?
i have homework about Quickbooks sofware and i dont’n know how to make these entries, can anyone help? the following are entries
January 2 The owner, Haneen Mousa, invested ,000 cash by depositing it in the business account at QNB. In return, she received 1,000 shares of par value common stock.
January 2 Paid Fatma Mohammed, an attorney, 5 for her services to help organize the corporation.
January 2 Paid the Qatar Corporation Commission a total of for charter and filing fees.
January 2 The owner signed a contract to lease a small shop at a monthly rent of 0. You paid ,500 for a three month period to Qatar Rent-It Company.
January 3 Paid 0 to the Gulf Insurance Company for one-year insurance policy.
January 3 Purchased equipment from Qatar Equipment Corporation for ,000 paying a down payment of ,200 and agreeing to pay the balance within 30 days.
January 4 Purchased on account office supplies costing 0 from Supplies Inc.
January 5 Purchased repair supplies for 0 from Hamad Electronic Supply Company. You paid for you in cash.
January 9 Paid to the local newspaper for advertising the opening of the new business.
January 12 You repaired a chair for Ahmed Suleiman. The total bill was . When he picked up his chair, he paid you and agreed to pay the balance within 30 days.
January 29 Received a check from Ahmed Suleiman for the mount due on his account.
January 30 Received the January telephone bill for from Q-Tel and decided to pay it in February.
January 30 Received the January utility bill for 0 from Kharama and paid it.
January 31 Mohsen Ibrahim chair had been repaired for a total of on account.
January 31 Your first month cash repair revenue totaled ,030.
January 31 Paid Qatar Equipment Corporation the balance due on account.
Adjusting entries for January:
1.Office supplies with a cost of 5 are on hand at the end of the month.
2.Repair supplies with a cost of 0 are on hand at the end of the month.
3.The estimated useful life of the equipment is 5 years with no salvage value. Use straight line depreciation method.
4.You decided to amortize the organization costs over a period of five years.
5.Examine the prepaid rent account for possible adjustments.
6.Examine the prepaid insurance account for possible adjustment.
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interesting