Accounting Qukcbooks Assignment

ACC 131 Comprehensive Problem 1 QuickBooks “Your Name Web Designs Sole Proprietorship” – also the company’s legal name 547 Miller Place Westport, NY 11858 U.S. Phone: 734 - 555 - 3708 has been in business for several years and was using a manual accounting system. On 10/1/18 “Your Name” contracted you to convert their manual accounting information system to a QuickBooks computerized accounting information system. Web Designs classified their business as “Art, Writing or Photography” which will sell services only. Fed. I.D. number is 55 - 5656567 Fiscal year starts on 10/1/18 Web Designs has no employees and no inventory, therefore there will be no sales tax. Web Designs uses the accrual basis. Web Designs has one bank account; Four Two Bank and its account number is 5769. The last statement was dated 9/30/18. (See attached chart of accounts for the opening balance in cash). Web Designs Chart of Accounts and balances as of 10/1/18 are listed on the attached pages. Attached are all of Web Design customers and creditors. None of the customers or creditors have beginning balances but Web Designs still wants them set up as part of their initial setup. You only have list the name of the customer or creditor and the payment terms. Web Designs wants to set up service items for its two revenue accounts. See attached chart of accounts. Required: 1. Set up the chart of accounts with opening balances. · Set up customers and creditors. · Edit Chart of Accounts to match the one below, including required account numbers. 2. Record the following transactions in QuickBooks for the month of October. Oct. 4 · Received bill for rent for the month of October from ARC Management, $800, paid immediately. Check No. 1. Do not print check. · Received a one-year insurance policy on account from Eastern Mutual Insurance Company, $1,800. Invoice No. 87775. · Purchased Software on account from Netsoft Development Co., $3,600, Invoice No. 38745. Oct. 7 · Purchased office furniture on account from Lewis Furniture Co., $3,200, Invoice No. 09887. Oct. 8 · Purchased six months of advertising services on account from Cherbet Advertising, $1,200, Invoice No. 0-989. Oct. 11 · Purchased computer supplies on account from Comet Computer Supplies, $600, Invoice No. 56355. · Provided 8 hours of Internet Consulting Services and 10 hours of Web Page Design Services on account to Long Island Works, Invoice No. 1001. Oct. 14 · Received bill for online Internet services, from Systems Service, $150, paid immediately (Check No. 2). Do not print check. Systems Service is a new · Vendor: · Vendor Name: Systems Service · Opening Balance: 0 as of October 1, 2018 · Company Name: Systems Service · First Name: Jeremy · Last Name: Jones · Address: 36 Sunrise Lane Hempstead, NY 11004 · Contact: Jeremy Jones · Phone: 516-555-2525 · Fax: 516-555-2526 · E-Mail: Sysser@emcp.net · Terms: Net 30 Days · Provided 8 hours of Web Page Design Services on account to the Sehorn & Smith, Invoice No. 1002. Oct. 15 · Provided 8 hours of Web Page Design Services on account to the Schneider Family, Invoice No. 1003. · Purchased office supplies on account from Office Plus, $450, Invoice No. 3665. Oct. 17 · Provided 4 hours of Internet Consulting Services and 8 hours of Web Page Design Services on account to Miguel’s Restaurant, Invoice No. 1004. Oct. 18 · Received telephone bill from Eastel, $350, Invoice No. 6-2565. · Provided 4 hours of Internet Consulting Services to the Singh Family, Invoice No. 1005. Received payment immediately, check No. 687. Oct. 21 · Provided 8 hours of Web Page Design Services on account to Breathe Easy, Invoice No. 1006. · Received utilities bill from LI Power Company, $125, Invoice No. OWS-23556. · Returned office supplies to Office Plus for a $75 credit, CM789. · Paid in full Eastern Mutual Insurance, Invoice No. 87775 (Check No. 3); do not print check. Oct. 25 · Paid in full Comet Computer Supplies, Invoice No. 56335. (Check No. 4); do not print check. · Received payment in full from Long Island Water Works for Invoice No. 1001, check No. 124554. · Provided 12 hours of Web Page Design Services on account to Thrifty Stores, Invoice No. 1007. Oct. 28 · Provided 8 hours of Internet Consulting Services on account to Artie’s Auto Repair, Invoice No. 1008. · Paid in full LI Power Company, Invoice No. OWS-23556 (Check No. 5): do not print check. Oct. 29 · Provided 12 hours of Internet Consulting Services on account to South Shore School District, Invoice No. 1009. Oct. 30 · Received payment in full from Miguel’s Restaurant for Invoice No. 1004, Check No. 3269. · Made a partial payment of $2,000 to Netsoft Development Co., Check No. 6; do not print check. · Made a partial payment of $1,500 to Lewis Furniture Co., Check No. 7; do not print check. · The owner, Your Name, withdrew $500, for personal use, Check No. 8; do not print check. · Provided 8 hours of Internet Consulting Services on account to Sehorn & Smith, Invoice No. 1010. · Received partial payment of $250 from Breathe Easy for Invoice No. 1006. Check No. 1455. · Deposited all receipts for the month. 3. Use the information below to prepare the adjusting journal entries. · Monthly depreciation on the assets: $75 for the Computer, $50 for the Furniture, and $100 for the Software. · The computer supplies on hand total $350. · The office supplies on hand total $325. · The interest on the note payable for one month is $25. · One month of prepaid advertising. · One month of prepaid insurance. Export the following reports to the correct worksheet in the Excel answer file provided to you on Blackboard: 1. Adjusted Trial Balance Report (10/1/18 - 10/31/18). 2. Journal Report for (10/1/18 - 10/31/18). 3. Customer Balance Detail Report (10/1/18 - 10/31/18). 4. Vendor Balance Detail Report (10/1/18 - 10/31/18). 5. Profit and Loss Standard Report (10/1/18 - 10/31/18). 6. Balance Sheet Standard Report as of 10/31/18. 7. Customer Contact List. 8. Vendor Contact list. Vendor Contact List Name Terms ARC Management Net 30 Cherbet Advertising Net 30 Comet Computer Supplies Net 15 Eastel Net 30 Eastern Mutual Insurance Net 30 Lewis Furniture Net 30 LI Power Net 15 Martin Computer Repairs Net 30 Netsoft Development Net 30 Office Plus Net 30 Your Name, Drawing Customer Contact List Name Terms Arties Auto Repair Net 30 Breathe Easy Net 30 Long Island Auto Works Net 30 Miguel’s Restaurant Net 30 Schneider Family Net 15 Sehorn and Smith Net 30 Singh Family Net 15 South Shore School District Net 30 Thrifty Shores Net 30 Chart of Accounts Account # Description Type Amount 10/01/2018 1010 Four Two Bank Bank $25,000 1200 Accounts Receivable Accounts Receivable 1300 Computer Supplies Other Current Asset 1305 Supplies-Office Other Current Asset 1410 Prepaid Advertising Other Current Asset 1420 Prepaid Insurance Other Current Asset 1700 Computers Fixed Asset $5,000 1750 Accum Deprec. Computers Fixed Asset 1800 Office Furniture Fixed Asset 1850 Accum Deprec. Office Furniture Fixed Asset 1900 Software Fixed Asset 1950 Accum Deprec. Software Fixed Asset 2010 Accounts Payable Accounts Payable 2020 Interest Payable Other Current Liability 2040 Payroll Liabilities Other Current Liability 2050 Notes Payable Long Term Liability $2,500 3000 Your Name, Capital Equity $27,500 3020 Your Name, Drawing Equity 3030 Owner’s Equity Equity 4010 Web Design Fees Income $125 per hour 4020 Internet Consulting Fees Income $100 per hour 6050 Advertising Expense Expense 6075 Deprec Expense-Computers Expense 6085 Deprec Expense-Furniture Expense 6095 Deprec Expense-Software Expense 6100 Insurance Expense Expense 6300 Computer Supplies Expense Expense 6325 Office Supplies Expense Expense 6350 Online Service Expense Expense 6400 Rent Expense Expense 6450 Telephone Expense Expense 6500 Utilities Expense Expense 6800 Payroll Expense Expense 7000 Interest Expense Expense 6 Adjusted Trial Balance &"Arial,Bold"&8 2:17 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 Accrual Basis &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Adjusted Trial Balance &"Arial,Bold"&10 As of October 31, 2015 &"Arial,Bold"&8 Page &P of &N Journal &"Arial,Bold"&8 2:24 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Journal &"Arial,Bold"&10 October 2015 &"Arial,Bold"&8 Page &P of &N Customer Balance Detail &"Arial,Bold"&8 2:25 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Customer Balance Detail &"Arial,Bold"&10 As of October 31, 2015 &"Arial,Bold"&8 Page &P of &N Vendor Balance Detail &"Arial,Bold"&8 2:27 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Vendor Balance Detail &"Arial,Bold"&10 As of October 31, 2015 &"Arial,Bold"&8 Page &P of &N Profit & Loss Standard &"Arial,Bold"&8 2:28 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 Accrual Basis &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Profit && Loss &"Arial,Bold"&10 October 2015 &"Arial,Bold"&8 Page &P of &N Balance Sheet Standard &"Arial,Bold"&8 2:29 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 Accrual Basis &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Balance Sheet &"Arial,Bold"&10 As of October 31, 2015 &"Arial,Bold"&8 Page &P of &N Customer Contact List &"Arial,Bold"&8 2:31 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Customer Contact List &"Arial,Bold"&10 May 12, 2015 &"Arial,Bold"&8 Page &P of &N Vendor Contact List &"Arial,Bold"&8 2:32 PM &"Arial,Bold"&8 05/12/15 &"Arial,Bold"&8 &"Arial,Bold"&12 Your Name Web Desings &"Arial,Bold"&14 Vendor Contact List &"Arial,Bold"&10 May 12, 2015 &"Arial,Bold"&8 Page &P of &N AQAEF0Fkan VzdGVkIFRya AQAEF0Fkan VzdGVkIFRya AQAAAAkFAS AAAAAAAAA AQAAAAkFAS AAAAAAAAA AQAAAAkFA AQAAAAkFA AQAaHUN1c AQAaHUN1c AQAaHVZlb AQAaHVZlb AQAAAAkFA AQAAAAkFA AQAAAAkFAS AAAAAAAAA AQAAAAkFAS AAAAAAAAA AQAEF1Byb2 ZpdCAmIExvc AQAEF1Byb2 ZpdCAmIExvc AQAEF0JhbG FuY2UgU2hlZ AQAEF0JhbG FuY2UgU2hlZ AQAAAAkFAS AAAAAAAAA AQAAAAkFAS AAAAAAAAA