post Category: Office Equipment Leasing — admin @ 11:14 am — post

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 $10,000 cash by depositing it in the business account at QNB. In return, she received 1,000 shares of $10 par value common stock.
January 2 Paid Fatma Mohammed, an attorney, $725 for her services to help organize the corporation.
January 2 Paid the Qatar Corporation Commission a total of $75 for charter and filing fees.
January 2 The owner signed a contract to lease a small shop at a monthly rent of $500. You paid $1,500 for a three month period to Qatar Rent-It Company.
January 3 Paid $240 to the Gulf Insurance Company for one-year insurance policy.
January 3 Purchased equipment from Qatar Equipment Corporation for $3,000 paying a down payment of $1,200 and agreeing to pay the balance within 30 days.
January 4 Purchased on account office supplies costing $120 from Supplies Inc.
January 5 Purchased repair supplies for $300 from Hamad Electronic Supply Company. You paid for you in cash.
January 9 Paid $90 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 $50. When he picked up his chair, he paid you $30 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 $60 from Q-Tel and decided to pay it in February.
January 30 Received the January utility bill for $120 from Kharama and paid it.
January 31 Mohsen Ibrahim chair had been repaired for a total of $55 on account.
January 31 Your first month cash repair revenue totaled $1,030.
January 31 Paid Qatar Equipment Corporation the balance due on account.

Adjusting entries for January:
1.Office supplies with a cost of $105 are on hand at the end of the month.
2.Repair supplies with a cost of $240 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.

interesting

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interesting
References :

Anderson P wrote on June 5, 2009 - 4:49 pm
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