the cash on and credit to opening equity, business and finance homework help

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  •  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 Lair Corp. 1040 T-shirts at $5.00 each. Lair 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. 

 
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