Hello! Happy to have you here. I would appreciate your help with this assignment

Question

Hello! Happy to have you here. I would appreciate your help with this assignment. I need to do all these transactions on quickbooks. If you can help me with multiple questions I would appreciate it so much. Help me step by step, so I can follow you! 1 page: questions 2 page: hints (steps to follow) 2. Office Supplies are purchased for cash (a check) from Office Max in the amount of $2,000. This is a vendor transaction. We are going to use these supplies for three months so you will need to identify an asset account to record these as an asset now. You should consider impacting Supplies Inventory which you set up in assignment one as an other current asset. 3. The utility bill has been received from OUC in the amount of $220 and is due in 30 days. Another vendor but the bill isn't paid yet. 4. A payment was received from a customer (Nu Events) in the amount of $4,000 for an event held this month. You need to create the customer, create the invoice and record the payment. Don't forget to create a key word in the item column that ties to the account called Event Revenue. 5. A truck has been purchased from Orlando Ford in the amount of $14,250. You purchased this by writing a check. You will use this truck over the next four years. This is a vendor transaction that will impact your account you set up called Vehicles. 6. Another event has occurred with Giant Events and payment has been received of $3,000. The event has been held this month. Follow the same procedures as you did for Nu Events. 7. Employee salaries have been paid in the amount of $3200. A journal entry needs to be made to reflect the cash outflow and the expense incurred

Explanation / Answer

For entry at # 2. (here office supplies is like an asset - debit what comes in, and cah is being paid - credit what goes out)

Office Supplies $ 2,000

Cash $ 2,000

for entry at # 3 (here expense namely utilities expense is increasing - debit increase in expense, and it is not being paid right away, instead a liability is being created namely accounts payables, so when a liability increases just credit it)

Utilitiy Expenses $ 200

Accounts Payables $ 220

for entry at # 4 (cash is being received it will increase the asset namely cash, debit the asset which increases, at the same time event revenue is increasing so increase of revenue is being credited)

Cash $ 4,000

Event Revenue $ 4,000

For entry at # 5 (purhcase of vehicle is increasing asset with the organization so it has been debited, at the same time bank balance is decreasing we have credited it)

Vehicle $ 14,250

Bank $ 14,250

For entry at # 6 (event revenue has been received. cash is to be debited and event revenue to be credited)

Cash $ 3,000

Event Revenue $ 3,000

for entry at # 7 (salaries expense has increased, as per rule when an expense increases it has to be debited and cash is decreasing when an asset decreases it has be to be credied)

Salaries expenses $3,200

Cash $ 3,200

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