Hello,I am having trouble trying to figure this problem out. I created the accounts and now I am on part c which is to make the changes via journal entry. I entered them, but my journal entry is not balancing out. I am not sure what I need to do next.Thank You,Jenny Vue (2) Turn on - Make Single-Time Activity Billable to Customer.2 Create new accounts and related beginning balances as follows:Account TypeBankFixed Assets*Fixed Assets*Long-Term LiabilitiesEquityDetail TypeNameCheckingCheckingFurniture & Fixtures Original costFurniture & Fixtures DepreciationNotes PayableCommon StockNotes PayableCommon Stock*When entering a new fixed asset, place a check in the Track depreciation of this asset check box to reveal Original cost andDepreciation text boxes. Enter amounts from above as positive numbers.Balance25,000.0040,000.0010,000.0060,000.001,000.003 Create two new products and one new service item as follows:a. ProductsAs of12/31/2312/31/2312/31/2312/31/2312/31/23i) Name/Description - Rook 15, initial quantity 12/31/23 - 10,inventory asset account - Inventory Asset (this account willautomatically be created in the chart of accounts when you addthis product), price - $650, cost-$400, income account - Sales,expense account - Cost of Goods Soldii) Name/Description - The Water Hog, track quantity, initialquantity 12/31/23-8, inventory asset account - InventoryAsset, price - $860, cost-$500, income account - Sales,expense account - Cost of Goods SoldAccountAccounts Receivableb. Service Name/Description - Consulting, rate - $25, incomeaccount - Services. Click + Add new, Account Type: Income, DetailType: Service/Fee Income, Name: ServicesPrepaid ExpensesAccounts Payablec. Make changes to the following accounts via journal entry 1 as of12/31/23 with an offset to Opening Balance Equity. Note: You'llhave to add these accounts first.Amount5,000.003,000.004,500.00NameBlondie's Boards (new customer)Channel Islands (new vendor) Please balance debits and credits.Journal date12/31/2023⠀⠀⠀⠀⠀⠀⠀⠀⠀Add linesMemo#1 Accounts Receivable (A/R)2 Prepaid Expenses3 Accounts Payable (A/P)45ACCOUNT678Clear all linesTotalDEBITS5,000.003,000.008,000.00Journal no.1CREDITS4,500.004,500.00DESCRIPTIONNAME11111111111

Name: Hello,I am having trouble trying to figure this problem out. I created
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Description: Hello,I am having trouble trying to figure this problem out. I created the accounts and now I am on part c which is to make the changes via journal entry. I entered them, but my journal entry is not balancing out. I am not sure what I need to do next

The accounts receivable account is the result of a credit sales transaction which thereby affects…

Business

Accounting

c. Make changes to the following accounts via journal entry 1 as of 12/31/23 with an offset to Opening Balance Equity. Note: You'll have to add these accounts first. Account Accounts Receivable Prepaid Expenses Accounts Payable Amount 5,000.00 3,000.00 4,500.00 Name Blondie's Boards (new customer) Channel Islands (new vendor)

c. Make changes to the following accounts via journal entry 1 as of 12/31/23 with an offset to Opening Balance Equity. Note: You'll have to add these accounts first. Account Accounts Receivable Prepaid Expenses Accounts Payable Amount 5,000.00 3,000.00 4,500.00 Name Blondie's Boards (new customer) Channel Islands (new vendor)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.3C

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