Question

Enter transactions:
1. owner contributes $6,00 cash
2. $2,000 in revenue on account
3. $1,500 cash from debtors
4. Rent expense cash $400
5. $300 in cash for salaries
invested $2,500 in a certificate of deposit(terms - 12 months, rate of interest - 8%)
Adjusted enteries at end of accounting period
7. Accrued salary expense $1,200
8. Accrued intest revenue on the CD
Required:
a. enter the preceeding data in peachtree and an online applications (Quickbooks Simple start free edition)After making enteries record effect of each event on the accounting equation for the accounting period.
b. Prepare income statement of changes in equity, the baance sheet and the statement of cash flow for the physical year.
What are the diffeerences found between Peachtree and Quickbooks. Discuss data entry, compare the reports the reports produced and indicate your preferance.