please i need help with quickbooks, please tell me in quickbooks where do i supposed to records those transactions at
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
please i need help with quickbooks, please tell me in quickbooks where do i supposed to records those transactions at
don't slove the problem just tell in where i record in quickbooks
which quickbooks window supposed to record? whether:
bill (enter bills window)
credit (enter bills window)
bill pmt - check (pay bills window)
check (write checks window)
invoice (create invoices window)
payment (receive payments window)
sales receipt (enter sales receipts window)
deposit (make deposit window)
general journal (make general
inventory adjust (adjust quantity/value on hand window)
sales tax payment (pay sales tax window)
paycheck (pay employees window)
liability check (pay payroll liabilities window)
transfer (transfer funds between accounts window)
credit card charge (enter credit card charges window)
credit memo (create credit memos/refunds window)
discounts (receive payments window)
Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record the second six-month policy as Prepaid Insurance on payment, and then adjust it at the end of each month.
Jul 2 Received a six-month advertising renewal from Ray Vill Advertising Agency for $900, paid immediately, Check No. 73. Jen also recorded the previous advertising as Advertising Expense, but like the insurance policy, you will record it as Prepaid Advertising on payment and then adjust it at the end of each month.
Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a
Jul 3 Purchased $500 of office supplies on account from the Office Supply Store, Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Office Supplies.
Jul 3 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 74.
Jul 4 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days.
Jul 5 Sold 4 tennis racquets for $100 each and 4 tennis outfits for $80 each on account to the Grisham Family, Invoice No. 1151, 2/10, Net 30 Days.
Jul 5 Received full payment from Whitestone Seniors Club, Check No. 1587.
Jul 5 Paid in full AGI Telephone Co., Check No. 75.
Jul 6 Recorded the cash sales for the week for 15 hours of tennis lessons (owner) at $25 each, 32 hours of tennis court services at $30 each, and 15 cans of tennis balls at $4 each, Sale No. 551.
Jul 9 Received the telephone bill from AGI Telephone Co., Invoice No. 809, $150, Net 30 Days.
Jul 9 Received payment in full net of discount from Bayside Youth Group, Check No. 11725. Use the Discounts and Credits button to apply the discount. If the Discount and Credits button is not displayed, open the Create Invoices window, go to the Bayside Youth Group Invoice, and enter 2/10, Net 30 Days in the TERMS field.
Jul 9 Paid in full Racquets, Inc., Check No. 76.
Jul 9 Paid in full Tennis Suits, Inc., Check No. 77.
Jul 11 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1152, Net 30 Days.
Jul 12 Received full payment from Lakeland Community Group, Check No. 6952.
Jul 12 Purchased 7 tennis racquets at $50 each on account from Racquets, Inc., Invoice No. TR712.
Jul 12 Purchased 5 tennis outfits at $40 each on account from Tennis Suits, Inc., Invoice No. TO1478.
Jul 12 Received full payment net of discount from the Grisham Family for Invoice No. 1151, Check No. 708. Use the Discount and Credits button to apply the discount.
Jul 13 Received a credit memo for 2 tennis racquets at $50 each returned on account to Racquets, Inc., Invoice No. CM-TR712.
Jul 13 Provided 10 hours of tennis court services at $30 each on account to the Lakeland Community Group, Invoice No. 1153, Net 30 Days.
Jul 13 Provided 6 hours of tennis court services at $30 each on account to the Whitestone Seniors Club, Invoice No. 1154, Net 30 Days.
Jul 13 Sold 10 tennis racquets at $100 each and 10 tennis outfits at $80 each on account to Bayside Youth Group, Invoice No. 1155, terms 2/10, Net 30 Days.
Jul 13 Recorded the cash sales for the week for 14 hours of tennis lessons (owner) at $25 each, 37 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, and 4 tennis racquets at $100 each, Sale No. 552.
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