Find closest multiple of $350$ to $500$. We see that $1 \times 350 = 350$ is the nearest. Now subtract $350$ from $500$ to get reminder $150$. Add $1$ to quotient.
Since $150$ is less than $350$, stop the division. The reminder is $150$. The topmost line $001$ is the quotient. Remove all zeros at the start of the quotient to get the actual quotient $1$.