9.29 Chapter 9 Accounting for a Service Company RESTART& RESTORIE are not using

Question

9.29 Chapter 9 Accounting for a Service Company RESTART& RESTORIE are not using the same computer, you must use the Restart and re approach. Restore your Chapter 9 Backup.QBB file using the directions in Appendix B: Back Up & Restore QuickBooks Files. After estoring the file, update Company Name to include YourName Exercise 9.1 he TASK 2: RECORD PURCHASE TRANSACTIONS n Record the following, purchase transactions for Paint Palette during the year 2020. Print checks as appropriate Date 02/01/2020 Purchase Transaction Use the memorized transaction to record the $200 bill for the February van lease to be paid later ized ed n List 02/28/2020 Paid van lease for February. Received $200 bill for van lease for March. 03/30/2020 Paid van lease for March. (Due: 03/31/2020) elect ile 03/01/2020 04/01/2020 Received $200 bill for van lease for April. 04/04/2020 Purchased $50 of paint supplies on account from Brewer Paint Supplies. Record as Paint Supplies Expense. 04/30/2020 Paid van lease for April. (Due: 05/01/2020) Paid for paint supplies purchased on April 4. 05/01/2020 Received $200 bill for van lease for May. 05/30/2020 Paid van lease for May. (Due: 05/31/2020) Received $200 bill for van lease for June. 06/30/2020 Paid van lease for June. (Due: 07/01/2020) ©McGraw-Hill Education, 2016

Explanation / Answer

Recording of Purchase Transactions in the books of Paint Palette

(Van lease expenses booked)

For opening Memorized transaction -

a) go in lists( Menu)

b) Memorized Transaction list

c) select the transaction

(Payment made for Van lease)

Check Printing - a)Go in file b)Print Forms c)checks

(Van lease expenses booked)

Date Account Title Debit Credit 02/01/2020 Van Lease Charges $200 Van Lease Rent Payable $200

(Van lease expenses booked)

For opening Memorized transaction -

a) go in lists( Menu)

b) Memorized Transaction list

c) select the transaction

02/28/2020 Van Lease Rent payable $200 Cash $200

(Payment made for Van lease)

Check Printing - a)Go in file b)Print Forms c)checks

03/01/2020 Van Lease Charges $200 Van Lease Charges payable $200 (Van lease expenses booked) 03/30/2020 Van Lease charges Payable $200 Cash $200 (Leases expenses paid) 04/01/2020 Van Lease charges $200 Van Lease charges Payable $200 (Van Lease expenses) 04/04/2020 Paint Supplies Expenses $50 Brewer Paint supplies $50 (Expenses booked of brewer paint supplies) 04/30/2020 Brewer Paint Supplies $50 Van Lease rent charges Payable $200 Cash $250 (Payment done of brewer and lease expenses) 05/01/2020 Van lease charges $200 Van Lease rent charges payable $200 (Lease expenses booked) 05/30/2020 Van Lease Rent Charges Payable $200 Cash $200 (Van lease expenses paid)

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