Question: Please setup and input all journal entries in Quick books please for a/c Computerized Accounting (ACC2250) The transactions from last night and today's class are

Please setup and input all journal entries in Quick books please for a/c Computerized Accounting (ACC2250)

The transactions from last night and today's class are as follows:

  • The Irie Nut Co. started business on Jan. 1 2022. The owner Paul Rolle invested 10,000 cash, and a computer worth 15,000 dollars.
  • Irie Nut Co sold 20,000 dollars worth of cayan peanuts to Super value on 5 January 2022. Supervalue paid via cash the same day.
  • The Irie Nut Co. purchased Office supplies from Boss for 7,000 dollars on 6 January 2022. Irie paid 3000 cash and Boss allowed the business credit on the balance
  • Paul Rolle paid his daughter's school fee on 10 January 2022, he took 1500 cash from the business for this purpose
  • The Irie Nut Col sold 15,000 dollars of blended lemon peanuts to Atlantis on January 11, 2022. Atlantis paid 5000 cash the same day and Irie extended credit on the balance.
  • The Irie Nut Co. paid legal fees cash to a lawyer, on 13 January 2022 for infringement against its legal name. The fees were for 3000 dollars
  • The Irie Nut Co. paid for advertisement in the Tribune on 13 January 2022. The amount was 500 dollars and the Tribune gave them until the end of the month to pay in full.
  • The Ministry of health hired our company to build an office on 5 Feb. 2022. The cost of the build is 150,000 and will take 3 months to build. The ministry paid the amount on 5 Feb. 2022
  • Our company was contracted by a private institution to build an office space for 60,000 on 1 February 2022. After the completion of the build the entire amount will be paid (build is 3 months.). It is now 28 February 2022
  • On 5 March make the journal entry for the Ministry of Health contract: (Journal entry #8)
  • On 30 April 2022 the private company paid the amount due: (Journal entry #9)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!