how would I enter this into a quick book journal entry?

Price: $30 USD

Question description

  • TIPS:

    • In the home page, go to the top right hand corner, to the right of the name of the company, click the gear symbol, which is the main link for everything you need for changes.
    • Input is on the left-hand side of the home page with links to customers, vendors, and transactions. Add one customer (see tight top corner for the button for new): Lair Corp. Add three vendors: Arotek, Sheng Freight, and Waters Corporation. Also in the left, in chart of accounts, be sure there is a current asset account called accounts receivable and a current liability account called accounts payable.
    • For doing the journal entries below: Go to top panel, in the middle of the top of the screen, where there is a plus sign (+) and select journal entries found in the other section. In the cash on and credit to opening equity, give company an opening balance of $100,000 cash and equity.
    • It is up to you to create the correct accounts, with the proper journal entries
    • Important to remember:
      1. Do not forget to click on ‘save and new’ after you input and file.
      2. Backup your company information many times as you work. To do this, click the button at the bottom of each screen called: save and new
      3. Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entryAlways best to record terms within the journal entry in the extra line provided to the right of A/R or A/P
      4. Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P

    2. Prepare journal entries. Be sure all dates agree with the problem and are not today’s date

    • AUG 1, 2015 – Purchased T-shirts (BI= 0, other assets, inventory) from Arotek. Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek, vendor, terms are 1/10, n/30.
    • AUG 4, 2015 – At Arotek’s request, Pit Bull sings paid $200 cash to Sheng Freight for freight expenses on the August 1.
    •  AUG 5, 2015 – Sold merchandise to Laird Corp. 1040 T-shirts at $5.00 each. Liar Corporation, customer, is given credit terms to 2/10, n/60, FOB destination. The merchandise had cost of $3.846. Round to nearest dollar.
    • AUG 8, 2015 – Purchased Specialized T-shirts from Waters Corporation. Bought 1000 shirts at $4.50 each. Waters Corporation, vendor, terms are 1/10, n/45.
    • AUG 9, 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round to nearest dollar.

    Instructions: Enter above transactions into QuickBooks.  To submit: go to homeà reportsà balance sheet and be sure your dates include August 1, 2015 to August 8, 2015. Also click on the inventory figure on the balance sheet to see the transactions within inventory. Cut and paste both of these reports into a document to submit. 

Tutor Answer

(Top Tutor) Daniel C.
School: Boston College
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors