How to complete and set up the part that starts with "You expect to use the equipment for 12 months and you will use straight-line depreciation with no residual value. Don’t forget to calculate and record depreciation at the end of the month." in Quickbooks Accounting 2020.

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06/01

Check #102, Invoice #9855

Purchased used landscaping equipment for $1,475 from Kurt Greene. This is a Banking > Write Checks task. Make sure you deselect the Print Later checkbox and change the No. field to 102. You can set up this vendor by typing the vendor name in the Pay to the order of field and clicking on the Quick Add button in the Name Not Found window.   Make sure to select Vendor in the next window. Enter the invoice number in the Memo field. Select Account 15800 – Landscaping Equipment from the drop-down list. Save & New.   You expect to use the equipment for 12 months and you will use straight-line depreciation with no residual value. Don’t forget to calculate and record depreciation at the end of the month.

Answer rating: 100% (QA)

Solution Step 1 Firstly we need to Set up a depreciation account If you havent already we ... View the full answer