Business Finance
Transactions and Trial Balance Presentation, create the following 10 transaction

Question Description

I’m working on a Accounting question and need guidance to help me study.

Resources: QuickBooks® Online Assignment Supplementary Material, and Ch. 3 -Transactions and Trial Balance Presentation

Access QuickBooks® Online

Using the QuickBooks® Online Assignment Supplementary Material and the Ch. 3 -Transactions and Trial Balance Presentationcreate the following 10 transactions for Sierra Corporation.

Part 1

4 deposits received:

  • 10/1/2013-$10,000 deposit in exchange for $10,000 worth of common stock.
  • 10/1/2013-$5,000 deposit in exchange for a note payable.
  • 10/2/2013-$1,200 deposit for unearned service revenue (cash advance) from client R Knox.
  • 10/3/2013-$10,000 deposit for service revenue earned.

5 checks written:

  • 10/2/2013-$5,000 check written to Superior Equipment Sales for Equipment
  • 10/3/2013-$900 check written to landlord for monthly rent
  • 10/4/2013-$600 check written to insurance company for prepaid insurance
  • 10/20/2013-$500 check written to shareholders for dividends
  • 10/26/2013-$4,000 check written to employees for salaries

1 journal entry made:

  • 10/5/2013-Purchase supplies (debit supplies) on account (credit accounts payable) for $2,500.

Part 2

Using the input from Part 1, create a Trial Balance:

  • Select "Reports" from the menu along the left-hand side.
  • In the Go to reports search-box, type Trial Balance.
  • Select Trial Balance from the suggestions drop-down.
  • Input directly or select the dates to run the report.  These dates should correspond to the Sierra Corporation data you input.
  • Select the Excel tab at the top left of your screen to export this information into an Microsoft® Excel® document.

 Category: Accounting

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!