12 Apr Name: _____________________QuickBooks 2015 Compreh
Name: _____________________QuickBooks 2015 Comprehensive Exam 1Part I1. Set up a new company in QuickBooks using the following information. On January 1, 2021, you establish a law firm. You’ve been offered two contracts on retainer for two local businesses. With the two contracts and walk-in clients, you think you can make your law practice a success. At the current time, you do not plan to hire any employees. Instead, you plan to perform the services yourself, at least initially until cash flow from the business can fund employee payroll.Company Name Catheryn Norvell Comp Exam 1Federal Tax ID 123-45-6789Address 12 Elm StreetCity WoodburyState NJZip 08096Phone 856-222-3333Industry Legal ServicesIncome Tax Form Sole Proprietor (FORM 1040)Fiscal year starts January 1, 2021Checking Account Catheryn Norvell Comp Exam 1 CheckingReminder: Save your company file Catheryn Norvell Comp Exam 1 Then, after you have set up your company, you need to add three sets of information.First, you need to add the people you do business with. You will add the following 2 customers and 3 vendors using the following information.Customer Name/ Company NameAirline TransportAddress 40 George Blvd Cherry Hill, NJ 08033Contact MaryTelephone 609-833-2904Terms Net 30Customer Name/ Company NameCAD ExpressAddress 1234 Middle Ct Haddonfield, NJ 08033Contact LoriTelephone 856-556-7766Terms Net 30Vendor Name/ Company NameAA Equipment LeasingAddress 72 Long Lane Vineland, NJ 08445Telephone 609-555-1234Terms Net 30Vendor Name/ Company NameAble Office SuppliesAddress 900 Truman Blvd Marmora, NJ 08229Telephone 609-376-1356Terms Net 30Vendor Name/ Company NameBay Advertising AgencyAddress 55 Inlet Street Ocean City, NJ 08226Telephone 609-376-5555Terms Net 30Then, you will add this information to the Services you sell.Legal Consultation (hourly) $120 per hour Account: 45400Monthly Retainer $1000 per monthAccount: 45400Then, you will add banking information as follows:You’ll need to add a Business Checking Account (current asset account, #10100). Use the numbers 123456789 as both bank account numbers and routing numbers. Your account will be named Catheryn Norvell Comp Exam 1 Checking, dated 1/1/2021, with a $0 balance.Part IIRecord the following transactions in QuickBooks for the new company. Print documents (invoices, checks, deposit, and summaries) as appropriate.Date Transaction01/01/2021 You invested $1,500 cash in the business (Check No. 1000).01/01/2021 Leased office furniture for the business. Received the bill and paid one month’s rental ($110 check) to AA Equipment Leasing.01/01/2021 Billed monthly retainer fees to both clients: Airline Transport and CAD Express.01/02/2021 Purchased $150 of office supplies on account from Able Office Supplies.01/10/2021 Paid $540 from your business checking account to United States Post Office (USPO) postage expense for mailing brochures to potential clients.01/12/2021 Provided 2 hours of legal consultation to walk-in client. She paid cash at end of meeting today. Deposited into business checking account.01/15/2021 Received bill from Bay Advertising Agency for $200 of advertising expenses.01/16/2021 Received payment from Airline Transport for monthly retainer fee as billed on 01/01/2021. Deposited check # 444 into your business checking account.01/20/2021 Received payment from CAD Express for monthly retainer fee as billed on 01/01/2021. Deposited check #888 into business checking account.01/25/2021 Paid $150 for the office supplies purchased from Able Office Supplies on 01/02/2021.01/28/2021 Provided one hour of legal consultation today to walk-in client. Client paid cash and deposited funds.Part III1. Generate the following reports using QuickBooks. Convert them to Excel .2. Journal from January 1, 2021 to January 31, 2021.a. Trial Balance at January 31, 2021.b. Profit and Loss, standard, from January 1, 2021 to January 31, 2021.c. Balance Sheet, standard, at January 31, 2021.d. Statement of Cash Flows for January 2021.e. Customer Balance Detailf. Vendor Balance DetailSubmit the following for grading: Your Excel Workbook labeled with your name.
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