Case 1 Comprehensive Problem 5^th edition

Case 1, which begins in Chapter 3, is a company that distributes surfboards and is in La Jolla, California. Business events in Case 1 occurred from 12/31/23 to 1/31/24 when presented in Chapters 3, 4, 5, 6, 7, 8, 9, and 10. The following is a description of business events that occurred in the month of February 2024.

Date Description of Event Chapter Event

2/1/24 Add a new product 4 Add a new product with quantity tracked Biscuit Bonzer, initial quantity on hand: 0, as of date:

2/1/24, price: $1,000, cost: $675, income account: Sales, expense account: Cost of Goods Sold. Vendor: Channel Islands.

2/1/24 Edit the chart of accounts 3 Change the name of the account Notes Payable to Notes Payable Bank of CA.

2/1/24 Add a new service 4 Add a new service Repairs, rate: $85, income account: Services.

2/1/24 Modify budget 8 Modify the following monthly budgeted amounts (Budget 1) for February 2024 through December 2024 as follows: sales: $35,000, services: $2,000, cost of goods sold: $21,500, interest expense: $800, payroll: $13,000, rent or lease: $2,500, travel: $500, utilities: $300.

2/1/24 Add a new employee 7 Add a new employee Jane Price, 65 Ocean View Lane, La Jolla, CA 92037, Employee ID No.: 555-15-3537.

2/1/24 Add a new customer 4 Add a new customer Awesome Surf, 501 Boardwalk Place, Santa Cruz, CA 95060.

2/5/24 Add a sales receipt 4 Add a new sales receipt #1005 for $2,810 Customer: Awesome Surf, payment method: Check, reference no.: 984, deposit to: Undeposited Funds, product: The Water Hog, quantity: 1, and product: Rook 15, quantity: 3.