Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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How can i record this quastion on quckbook? Record the purchase of a building from Leeds, Inc. (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.
On January 1 of this year, Shannon Company completed the following transactions (assume a 9% annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)
Bought a delivery truck and agreed to pay $61,900 at the end of three years.
Rented an office building and was given the option of paying $11,900 at the end of each of the next three years or paying $34,000 immediately.
Established a savings account by depositing a single amount that will increase to $93,800 at the end of seven years.
Decided to deposit a single sum in the bank that will provide 9 equal annual year-end payments of $41,900 to a retired employee (payments starting December 31 of this year).
Required:
a. What is the cost of the truck that should be recorded at the time of purchase? (Round your answer to nearest whole dollar.)
b. Which option for the office building results in the lowest present value?
multiple choice
Pay in three…
I need answers numbers for this.
Merle Company pays $3,000 towards the amount due to the equipment purchase. The effect to Equity would be:
(Type your numeric answer and submit)
Clint M. Invests $30,000 into Merle Company. The effect to Liabilities would be:
(Type your numeric answer and submit)
Clint M. Invests $30,000 into Merle Company. The effect to Equity would be:
(Type your numeric answer and submit)
Merle Company purchases a piece of equipment for $5,000 on account. The effect to Assets would be:
(Type your numeric answer and submit)
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- ACCRUALS & DEFFERALS Answer and explain thourougly For the following items, make a journalentry of the original transaction (ifapplicable) and make the correspondingadjusting entry on December 31. 1Paid $24,000 for a 1-year fire insurance policy tocommence on September 1. the amount ofpremium was debited to Prepaid Insurance. 2Borrowed $100,000 by issuing a 1-year note with7% annual interest to Century Savings Bank onOctober 1. 3Paid $160,000 cash to purchase a delivery van ofJanuary 1. The van was expected to have a 3-yearlife and a $10,000 salvage value. Depreciation iscomputed on a straight-line basis. 4Received an $18,000 cash advance for a contractto provide services in the future. The contractrequired a 1-year commitment, starting April 1. 5Purchased $6,400 of supplies on account. Atyear’s end, $750 of supplies remained on hand. 6Invested $90,000 cash in a certificate of depositthat paid 4% annual interest. The certificate wasacquired on May 1 and carried a 1-year term…arrow_forwardMake a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…arrow_forwardThe journal entry to record purchase of equipment for $2,00,000 cash and abalance of $8,00,000 due in 30 days include:(a) Debit equipment for $2,00,000 and Credit cash $2,00,000. (b) Debit equipment for $10,00,000 and Credit cash $2,00,000 and creditors $8,00,000.(c) Debit equipment $2,00,000 and Credit debtors $8,00,000.(d) Debit equipment $10,00,000 and Credit cash $10,00,000.arrow_forward
- Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?arrow_forward. Midwest Enterprises made the following entry on December 31, 2020. Interest Expense 10,000 Interest Payable 10,000 (To record interest expense due on loan from Anaheim National Bank) What entry would Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the case.arrow_forwardINCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND BALANCE SHEET Paulsons Pet Store completed the work sheet on page 602 for the year ended December 31, 20--. Owners equity as of January 1, 20--, was 21,900. The current portion of Mortgage Payable is 500. REQUIRED 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet.arrow_forward
- Ali Furniture Business (AFB) for the year 2019, starting from the owner’s investment of $100,000. Post the following transactions on general journal. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payable. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for the balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.arrow_forwardRusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. (image is attached) Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment next year.)a. Total current assets $44,200 (a) Journalize the adjusting entries.(b) Journalize the closing entries.(c) Prepare a post-closing trial balance. (d) Post-closing trial balance $297,200arrow_forward1 How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor) after receiving a check that was immediately deposited in the amount: $40,000 to account: Owner’s Equity. Record the deposit of funds from a new note payable signed on 1/16/20 with Chase Bank (a new vendor) in the amount of $32,000. Record the payment to Rabobank (a new vendor) to retire an existing note payable on 1/17/20 of $23,000 with interest of $300 using check 325 for a total of $23,300. Record the purchase of a building from Leeds, Inc., (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.arrow_forward
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