Complete the Following Steps Chart of Accounts work 1A. Create the following new expense account in...
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Complete the Following Steps Chart of Accounts work 1A. Create the following new expense account in Craig's Design & Landscaping Service: Name: Property and Equipment Insurance Expense Make this new account a SUB-ACCOUNT to Insurance NOTE: Account numbers are not used in the test drive company Hint: Subaccounts should have the same detail type as their parent. 1B. Locate the two accounts with "depreciation" in the account name. Edit one of the accounts to have the name "Depreciation expense". Edit the other account to have the name "Accumulated depreciation". HINT: Be sure to change to correct one. Look at account type/detail type to help you. New Customer: 2. Add the following Customer to your company: Company Name First Name Last Name Doctor Offices of San Diego Thomas George Doctor Offices of San Diego Display Name Address (Billing & 25 Main Street Shipping) Tax Info Payment Terms San Diego, CA 92109 Select this customer is taxable Net 30 New Vendor: 3. Set up the following vendor. Company Name First Name Display Name Address Account No. Payment Terms Business ID Opening Balance Products and Services 4. Add the following service. Type Name Best Insurance Company Jeremy Best Insurance Company 68 Inlet Avenue New York, NY 10013 5002 Net 30 37-8910899 Leave blank Category Description Sales Price Income Account Sales Tax Category Service Solar Light Design Design Solar Light Design $60.00 Design income Nontaxable Settings: 5. Go to the Account and Settings area and change the following settings: a. Change the company name to your own name b. Turn ON custom transaction numbers for sales forms c. Turn OFF Automatically apply credits d. Turn OFF Pre-fill forms with previously entered content Extend the time of Sign me off if inactive for to 3 hours. e. Transactions: 6. Record the following transactions. Date 7/1/21 7/4/21 7/4/21 7/4/21 7/7/21 7/12/21 7/15/21 7/18/21 7/18/21 7/20/21 7/20/21 7/20/21 7/22/21 7/31/21 Transaction CAUTION-WATCH DATES CAREFULLY m.pat Write a check from the Checking Account to Best Insurance Company. This is to prepay for 6 months of property and equipment insurance starting the date of the check. Check #71 $1200.00 Create invoice #1038 to Sushi by Katsuyuki for 2 hours of trimming trees (Trimming). Receive a check (#5488) from John Melton for $250. This is a partial payment on invoice #1007 that has an open balance. Deposit to Undeposited Funds Deposit all undeposited customer payments to the checking account. Make a note of how many items you are depositing. Receive your monthly cell phone bill from Cal Telephone for $88.00 (Bill No. 112017). The bill is due in 15 days. Enter the bill. You take all work trucks to Chin's Gas and Oil. It costs $78.00 to refuel them. You use your MasterCard credit card to pay for the fuel. Pay bill that is due to Robertson's Associates for $315 with check #72. CAUTION: WATCH DATES CAREFULLY Created a Solar Light Design for Doctor Offices of San Diego. The design took 4 hours. When you delivered the design Doctors Offices of San Diego paid you right away with check # 65412. The total amount of the check was $240. Sales Receipt number 103. Deposit to Undeposited Funds Weiskopf Consulting was not happy with their design service. They have been a good customer so you decide to issue a credit memo CM1010 for $75.00 (1 hour of Design work). All of the design work was originally invoiced on invoice # 1010. You receive the bill for the monthly bookkeeping service from Books by Bessie for $75.00. The terms are Net 15 and the bill is # 085. Receive a $300 check (#54123) from Weiskopf Consulting for the remaining balance on invoice #1010 less the credit memo (CM1010). Deposit all undeposited customer payments to the checking account. Make a note of how many items you are depositing. Pay the following bills from your Checking Account. Starting with Check # 73 CAUTION: WATCH DATES CAREFULLY PG&E $86.44 Cal Telephone $88.00 Enter journal entries for the following month-end accounting activity: 1. Expense one month of the property and equipment insurance. 2. Monthly depreciation on the fixed asset truck: $225 C o Bank Reconciliation. 7. Prepare the bank reconciliation using the following information: Opening Balance $5,000 Ending Balance $10,128.23 Reconciliation Date Payments: Deposits: 7/31/21 The first 9 payments starting with $300 and ending with $108.09 appear on the bank statement. The first 13 deposits starting with $175 and ending with $540 appear on the bank statement. Print the final bank reconciliation report to a pdf file. Reports to Run 8. Run the following reports. Export the reports to a pdf file and submit them to your instructor. 7/1/2021 Start Date 7/31/2021 End Date Journal Report for the dates listed above Balance Sheet Report for the dates listed above Profit and Loss Report for the dates listed above Accounts Reciveable Aging Detail report as of the End Date Listed above Accounts Payable Aging Summary report as of the End Date Listed above Sales by Product/Service Summary for the dates listed above * Bank reconcilation from step 7 above Complete the Following Steps Chart of Accounts work 1A. Create the following new expense account in Craig's Design & Landscaping Service: Name: Property and Equipment Insurance Expense Make this new account a SUB-ACCOUNT to Insurance NOTE: Account numbers are not used in the test drive company Hint: Subaccounts should have the same detail type as their parent. 1B. Locate the two accounts with "depreciation" in the account name. Edit one of the accounts to have the name "Depreciation expense". Edit the other account to have the name "Accumulated depreciation". HINT: Be sure to change to correct one. Look at account type/detail type to help you. New Customer: 2. Add the following Customer to your company: Company Name First Name Last Name Doctor Offices of San Diego Thomas George Doctor Offices of San Diego Display Name Address (Billing & 25 Main Street Shipping) Tax Info Payment Terms San Diego, CA 92109 Select this customer is taxable Net 30 New Vendor: 3. Set up the following vendor. Company Name First Name Display Name Address Account No. Payment Terms Business ID Opening Balance Products and Services 4. Add the following service. Type Name Best Insurance Company Jeremy Best Insurance Company 68 Inlet Avenue New York, NY 10013 5002 Net 30 37-8910899 Leave blank Category Description Sales Price Income Account Sales Tax Category Service Solar Light Design Design Solar Light Design $60.00 Design income Nontaxable Settings: 5. Go to the Account and Settings area and change the following settings: a. Change the company name to your own name b. Turn ON custom transaction numbers for sales forms c. Turn OFF Automatically apply credits d. Turn OFF Pre-fill forms with previously entered content Extend the time of Sign me off if inactive for to 3 hours. e. Transactions: 6. Record the following transactions. Date 7/1/21 7/4/21 7/4/21 7/4/21 7/7/21 7/12/21 7/15/21 7/18/21 7/18/21 7/20/21 7/20/21 7/20/21 7/22/21 7/31/21 Transaction CAUTION-WATCH DATES CAREFULLY m.pat Write a check from the Checking Account to Best Insurance Company. This is to prepay for 6 months of property and equipment insurance starting the date of the check. Check #71 $1200.00 Create invoice #1038 to Sushi by Katsuyuki for 2 hours of trimming trees (Trimming). Receive a check (#5488) from John Melton for $250. This is a partial payment on invoice #1007 that has an open balance. Deposit to Undeposited Funds Deposit all undeposited customer payments to the checking account. Make a note of how many items you are depositing. Receive your monthly cell phone bill from Cal Telephone for $88.00 (Bill No. 112017). The bill is due in 15 days. Enter the bill. You take all work trucks to Chin's Gas and Oil. It costs $78.00 to refuel them. You use your MasterCard credit card to pay for the fuel. Pay bill that is due to Robertson's Associates for $315 with check #72. CAUTION: WATCH DATES CAREFULLY Created a Solar Light Design for Doctor Offices of San Diego. The design took 4 hours. When you delivered the design Doctors Offices of San Diego paid you right away with check # 65412. The total amount of the check was $240. Sales Receipt number 103. Deposit to Undeposited Funds Weiskopf Consulting was not happy with their design service. They have been a good customer so you decide to issue a credit memo CM1010 for $75.00 (1 hour of Design work). All of the design work was originally invoiced on invoice # 1010. You receive the bill for the monthly bookkeeping service from Books by Bessie for $75.00. The terms are Net 15 and the bill is # 085. Receive a $300 check (#54123) from Weiskopf Consulting for the remaining balance on invoice #1010 less the credit memo (CM1010). Deposit all undeposited customer payments to the checking account. Make a note of how many items you are depositing. Pay the following bills from your Checking Account. Starting with Check # 73 CAUTION: WATCH DATES CAREFULLY PG&E $86.44 Cal Telephone $88.00 Enter journal entries for the following month-end accounting activity: 1. Expense one month of the property and equipment insurance. 2. Monthly depreciation on the fixed asset truck: $225 C o Bank Reconciliation. 7. Prepare the bank reconciliation using the following information: Opening Balance $5,000 Ending Balance $10,128.23 Reconciliation Date Payments: Deposits: 7/31/21 The first 9 payments starting with $300 and ending with $108.09 appear on the bank statement. The first 13 deposits starting with $175 and ending with $540 appear on the bank statement. Print the final bank reconciliation report to a pdf file. Reports to Run 8. Run the following reports. Export the reports to a pdf file and submit them to your instructor. 7/1/2021 Start Date 7/31/2021 End Date Journal Report for the dates listed above Balance Sheet Report for the dates listed above Profit and Loss Report for the dates listed above Accounts Reciveable Aging Detail report as of the End Date Listed above Accounts Payable Aging Summary report as of the End Date Listed above Sales by Product/Service Summary for the dates listed above * Bank reconcilation from step 7 above
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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