Computerized accounting with quickbooks 2018 kathleen villani

Comprehensive Problem

to accompany

Computerized Accounting Using QuickBooks 2014

by

Kathleen Villani and James B. Rosa

On January 1, 2015, Jen Beck started up her business, Jen’s Tennis Courts, by purchasing tennis courts that she acquired in part by signing a $40,000 mortgage note at 5% interest. At that time, Jen also purchased furniture and equipment. Jen began the business by providing tennis court services and tennis lesson services for which she charges fees. Eventually Jen began selling tennis merchandise: tennis racquets, tennis clothing, and tennis balls. Jen feels she needs someone to help her with the tennis services and sale of the merchandise and has been interviewing potential assistants.

Jen recorded all transactions as they occurred each month for the first six months of business using a manual accounting system. Jen did not record month-end accounting activity or prepare financial statements because she is not familiar with those accounting procedures. Beginning July 1, 2015, Jen decided to convert the accounting records to QuickBooks. You have been retained to set up the accounting records in QuickBooks; record all monthly accounting activity for the month of July including month-end activity; and print management reports, accounting reports, and the financial statements as of the end of July.

1. Use the information below to create and set up the company file. You may use either the Detailed Start method or the Express Start method:

Company: [Your Name] Jen’s Tennis Courts

Tax ID: 17-6158789

Address: 32-05 Springfield Blvd.

Bayside, NY 11364

phone: 718-555-5360

fax: 718-555-5370

email: jenstenniscourts@emcp.net

Select your industry: General Product-based Business (if using the Detailed Start method and the EasyStep Interview window) or

Other/None (if using the Express Start method)

Company organization/type: sole proprietorship

First month of fiscal year: January

Save As: [Your Name] Jen’s Tennis Courts

Start Date: July 1, 2015

2. If you use the QuickBooks Setup window to enter data, enter the customers (see step 11), vendors (see step 12), and items (see step 9).

3. Activate the account numbers, inventory, and sales tax features. For sales tax, use the following information:

TYPE: Sales Tax Item

Sales Tax Name: NY Sales Tax

Description: Sales Tax

Tax Rate (%): 8

Sales Tax Agency: NYS Dept. of Revenue

1 Washington Avenue

Albany, NY 12222

phone: 518-555-1000

fax: 518-555-2000

4. Set up or edit the following payment terms. All other payment terms created by QuickBooks can be deleted:

2/10, Net 30 Days

Net 15 Days

Net 30 Days

5. Allow the software to create system default accounts by opening and closing the following windows: Create Invoices window; Enter Sales Receipts window; Enter Bills window; Item List window – New Item window – Inventory Part.

6. Customize the following accounts in the Chart of Accounts List window (Sales Income is displayed only if you used the QuickBooks Setup window to enter data):

account created by QuickBooks change to

11000 Accounts Receivable 1200 Accounts Receivable

12000 Undeposited Funds 1250 Undeposited Funds

12100 Inventory Asset 1230 Inventory of Tennis Racquets

20000 Accounts Payable 2010 Accounts Payable

25500 Sales Tax Payable 2030 Sales Tax Payable

30000 Opening Balance Equity 3010 Jen Beck, Capital

30800 Owners Draw 3020 Jen Beck, Drawings

32000 Owners Equity 3030 Accumulated Earnings

Sales Income (Detailed Start only) 4030 Sale of Tennis Racquets

50000 Cost of Goods Sold 5030 Cost of Tennis Racquets Sold

7. Delete account 47900 Sales if it is in the Chart of Accounts List.

Note: If you used the Detailed Start method, additional accounts may appear. You can use these accounts and edit them to match the additional accounts you will add in step 8 below, or you can delete the additional accounts. You may need to complete the editing of the Item List in step 9 below before you can delete some of the accounts. If the payroll accounts appear, you will not be able to delete them. You can make them inactive, but it isn’t necessary because you will use the payroll accounts later in this problem.

8. Use the information below to update the Chart of Accounts List for accounts not already created and customized:

Note: Some of the accounts listed below have already been created and customized. They are listed here again to display the balances. You will need the balances for step 14 below.

Balances

Number

Name

Debit

Credit

1010

Cash – Operating

$13,148.00

1235

Inventory of Tennis Clothes

1240

Inventory of Tennis Balls

1300

Prepaid Insurance

1350

Prepaid Advertising

1400

Office Supplies

1700

Tennis Courts

1725

Tennis Courts, Cost

(subaccount of 1700)

50,000.00

1750

Tennis Courts, Accum. Deprec.

(subaccount of 1700)

1800

Furniture

1825

Furniture, Cost

(subaccount of 1800)

8,000.00

1850

Furniture, Accum. Deprec.

(subaccount of 1800)

1900

Equipment

1925

Equipment, Cost

(subaccount of 1900)

5,000.00

1950

Equipment, Accum. Deprec.

(subaccount of 1900)

2025

Mortgage Payable

38,434.00

3020

Jen Beck, Drawings

26,000.00

4010

Tennis Court Fees Earned

24,900.00

4020

Tennis Lessons Fees Earned

14,250.00

4030

Sale of Tennis Racquets

3,000.00

4035

Sale of Tennis Clothes

1,600.00

4040

Sale of Tennis Balls

300.00

4100

Sales Discounts

42.00

5030

Cost of Tennis Racquets Sold

1,500.00

5035

Cost of Tennis Clothes Sold

800.00

5040

Cost of Tennis Balls Sold

150.00

5900

Inventory Adjustment

6050

Accounting Expense

6100

Advertising Expense

900.00

6150

Bank Service Charges Expense

6270

Deprec. Exp., Tennis Courts

6280

Deprec. Exp., Furniture

6290

Deprec. Exp., Equipment

6300

Insurance Expense

1,200.00

6350

Office Supplies Expense

500.00

6400

Telephone Expense

360.00

6450

Utilities Expense

600.00

7025

Interest Income (Other Income)

7050

Interest Expense (Other Expense)

984.00

9. Use the information below to update the Item List. Only inventory parts are taxable. For the inventory part items, be sure to use the date July 1, 2015.

Item Name and Description

Rate /Sales Price

Cost

Qty on Hand

non-taxable:

Tennis Court Fees

$ 30

Tennis Lessons Fees - Owner

25

taxable:

Tennis Racquets

100

$ 50

20

Tennis Clothes

80

40

30

Tennis Balls

4

2

25

10. It you used the Detailed Start method and the QuickBooks Setup window to enter data, edit the items on the Item List:

Service Items: edit account numbers and non-taxable (see step 9)

Inventory Part Items: edit account numbers and taxable (see step 9)

Sales Tax Item: edit name, description, tax rate, tax agency (see step 3)

Note: After you edit the Item List, you can delete the Inventory Asset and Cost of Goods Sold accounts in the Chart of Accounts List.

11. Use the information below to update the Customer Center: Be sure to use the date July 1, 2015, for customers with an opening balance.

CUSTOMER/

COMPANY NAME

OPENING

BALANCE

FULL

NAME

Main

Phone

INVOICE/

BILL TO

PAYMENT

TERMS

Bayside Youth Group

$1,800

Diane Rand

718-555-4545

45-45 Bell Blvd.

Bayside, NY 11364

2/10, Net

30 Days

Cheung Family

718-555-9725

444 Barrows Ct.

Little Neck, NY 11362

2/10, Net

30 Days

Davis Family

718-555-4405

158 Stone Street

Bayside, NY 11364

Net 30 Days

Grisham Family

516-555-3474

798 Langston Street

Glen Oaks, NY 11004

2/10, Net

30 Days

Lakeland Community Group

300

Amy James

718-555-5200

38-02 221st Street

Bay Terrace, NY 11360

Net 30 Days

Whitestone Seniors Club

180

Joe Barley

718-555-3333

217 Locke Ave.

Whitestone, NY 11357

Net 30 Days

12. Use the information below to update the Vendor Center: Be sure to use the date July 1, 2015, for vendors with an opening balance.

VENDOR/

COMPANY NAME

OPENING

BALANCE

FULL

NAME

Main

Phone

BILLED

FROM

PAYMENT

TERMS

AGI Telephone Co.

$ 130

Customer Service

718-555-5555

15 Main Street

Flushing, NY 11354

Net 30 Days

Daly’s Mortgage Corp.

Customer Service

718-555-7500

1800 Springfield Blvd.

Bayside, NY 11364

Net 30 Days

General Insurance Co.

Suzy Auria

516-555-9500

1350 Jericho Tpke.

Jericho, NY 11753

Net 30 Days

Jen Beck

Local Power Company

Customer Service

718-555-1900

222 Main Street

Flushing, NY 11354

Net 30 Days

Office Supply Store

Orders Dept.

718-555-9275

111 Bell Blvd.

Bayside, NY 11364

Net 30 Days

Racquets, Inc.

500

Dillon Van

631-555-7575

75 Hauppauge Road

Hauppauge, NY 11788

Net 30 Days

Ray Vill Advertising Agency

Ray Vill

212-555-4000

705 Park Ave.

New York, NY 10016

Net 30 Days

Sporting Goods, Inc.

Purchasing Dept.

631-555-2525

25 Hauppauge Road

Hauppauge, NY 11788

Net 30 Days

Tennis Suits, Inc.

600

Purchasing Dept.

631-555-1234

100 Broad Hollow Rd.

Melville, NY 11747

Net 30 Days

United States Treasury

13. If you used the QuickBooks Setup window to record customers and vendors, edit each customer and vendor to record the terms of payment. (see step 11 and step 12)

14. To complete the New Company Setup, record the following three journal entries on July 1, 2015:

a. Enter the opening balances (refer to step 8 above). Use Open Bal as the Entry No.

b. Make a journal entry to reverse the Uncategorized Income account, Open Adj 1.

c. Make a journal entry to reverse the Uncategorized Expenses account, Open Adj 2.

15. Display and print the following reports for July 1, 2015 – July 1, 2015:

a. Journal

b. Trial Balance

Note: After you reverse the Uncategorized Income and Uncategorized Expense accounts, you can make these accounts Inactive in the Chart of Accounts List.

16. Jen informs you that she has hired an assistant, Dave Saylor, who will begin working on July 1.

a. Activate the payroll feature, if necessary, and then customize the payroll system default accounts:

account created by QuickBooks change to

24000 Payroll Liabilities 2100 Payroll Liabilities

66000 Payroll Expenses 6560 Payroll Expenses

b. Create the following new general ledger accounts:

Other Current Liability, Subaccount of 2100 Payroll Liabilities:

2110 Social Sec/Medicare Tax Payable

2115 FIT Payable

2120 SIT Payable

2125 FUTA Payable

2130 SUI Payable

2135 SDI Payable

Expense, Subaccount of 6560 Payroll Expenses:

6565 Wages Expense

6610 Social Sec/Medicare Tax Expense

6625 FUTA Expense

6630 SUI Expense

6635 SDI Expense

c. Choose the manual payroll calculations option to activate the Payroll Item List. Then edit the following payroll items on the Payroll Item List:

Payroll Item

Federal Unemployment

Federal Withholding

Medicare Company .

Medicare Employee

Social Security Company

Social Security Employee

For each payroll item, do the following:

 accept the name listed

 choose the United States Treasury as the Agency to which the liability will be paid

 select the appropriate liability and expense accounts

 accept all tax rates

 accept all taxable compensation defaults

d. Add the following to the Payroll Item List:

Type : Wage (Hourly Wages)

Name: Hourly Wages

Type: State Tax (State Withholding)

Name: NY – Withholding

Agency for Liabilities: NYS Dept. of Revenue

Identifying number: 17-6158789

Taxable compensation: Accept defaults

Type: State Tax (SDI) – State Disability

Name: NY-Disability Company/NY-Disability Employee

Agency for Liabilities: NYS Dept. of Revenue

Identifying number: 17-6158789

Company rate: 0%

Employee rate: .5%

Taxable compensation: Accept defaults

Type : State Tax (SUI) – State Unemployment

Name: NY – Unemployment Company

Agency for Liabilities: NYS Dept. of Revenue

Identifying number: ER – 158789

Company Tax Rate: 4.025% each quarter

Taxable compensation: Accept defaults

e. Add Dave to the Employee Center:

LEGAL NAME: Dave Saylor

SOCIAL SECURITY NO: 137-29-2817

DATE OF BIRTH: 05/13/1993

ADDRESS: 1 Marine Way, New Hyde Park, NY 11040

Mobile: 516-555-0331

PAY FREQUENCY: Biweekly

EARNINGS –ITEM NAME: Hourly Wages

HOURLY/ANNUAL RATE: 10.00

Federal Filing Status: single

Allowances: 1

STATE WORKED: NY

Tax: SUI (Company Paid)

Tax: SDI

STATE SUBJECT TO WITHHOLDING: NY

Filing Status: Single

Allowances: 1

17. The following activity occurred during the month of July. Setup or create additional preferences and files when needed, and record the following transactions in the appropriate windows:

Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record it as Prepaid Insurance on payment, and then adjust it at the end of each month.

Jul 2 Received a six-month advertising renewal from Ray Vill Advertising Agency for $900, paid immediately, Check No. 73. Jen also recorded the previous advertising as Advertising Expense, but like the insurance policy you will record it as Prepaid Advertising on payment, and then adjust it at the end of each month.

Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account.

Jul 3 Purchased $500 of office supplies on account from the Office Supply Store, their Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Office Supplies.

Jul 3 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 74.

Jul 4 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days.

Jul 5 Sold 4 tennis racquets for $100 each and 4 tennis outfits for $80 each on account to the Grisham Family, Invoice No. 1151, 2/10, Net 30 Days.

Jul 5 Received full payment from Whitestone Seniors Club, their Check No. 1587.

Jul 5 Paid in full AGI Telephone Co., Check No. 75.

Jul 6 Recorded the cash sales for the week for 15 hours of tennis lessons (owner) at $25 each, 32 hours of tennis court services at $30 each, and 15 cans of tennis balls at $4 each, Sale No. 551

Jul 9 Received the telephone bill from AGI Telephone Co., their Invoice No. 809, $150, Net 30 Days.

Jul 9 Received payment in full net of discount from Bayside Youth Group, their Check No. 11725.

Jul 9 Paid in full Racquets, Inc., Check No. 76.

Jul 9 Paid in full Tennis Suits, Inc., Check No. 77.

Jul 11 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1152, Net 30 Days.

Jul 12 Received full payment from Lakeland Community Group, their Check No. 6952.

Jul 12 Purchased 7 tennis racquets at $50 each on account from Racquets, Inc., their Invoice No. TR71215.

Jul 12 Purchased 5 tennis outfits at $40 each on account from Tennis Suits, Inc., their Invoice No. TO1478.

Jul 12 Received full payment net of discount from the Grisham Family for Invoice No. 1151, their Check No. 708.

Jul 13 Received a credit memo for 2 tennis racquets at $50 each returned on account to Racquets Inc., Invoice No. CM-TR71215.

Jul 13 Provided 10 hours of tennis court services at $30 each on account to the Lakeland Community Group, Invoice No. 1153, Net 30 Days.

Jul 13 Provided 6 hours of tennis court services at $30 each on account to the Whitestone Seniors Club, Invoice No. 1154, Net 30 Days.

Jul 13 Sold 10 tennis racquets at $100 each and 10 tennis outfits at $80 each on account to Bayside Youth Group, Invoice No. 1155, terms 2/10, Net 30 Days.

Jul 13 Recorded the cash sales for the week for 14 hours of tennis lessons (owner) at $25 each, 37 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, and 4 tennis racquets at $100 each, Sale No. 552.

Jul 13 Created account 1020 Cash – Payroll account. Transferred $1,800 from the Cash – Operating account to the Cash – Payroll account.

Jul 13 Created the paycheck for Dave Saylor for his first two weeks working at Jen’s Tennis Courts, pay period ending July 13, 2015. Recorded the following paycheck details (if you receive messages about additional taxes, click X and Yes to close each message):

PAY PERIOD ENDS: July 13, 2015

HOURS: 80

Company Summary:

Social Security Company: 49.60

Medicare Company: 11.60

Federal Unemployment: 6.40

NY – Disability Company: 0

NY – Unemployment: 32.20

Employee Summary:

Federal Withholding: 52.00

Social Security Employee: 49.60

Medicare Employee: 11.60

NY Withholding: 40.00

NY Disability – Employee: 1.20

Check No. 101

Jul 13 Deposited the cash receipts for the first half of the month of July.

Jul 13 The owner, Jen Beck, withdrew $2,000 cash for personal use. Check No. 78. Memorize the transaction for payments every two weeks. Next payment is July 27, 2015.

Jul 14 Purchased 25 cans of tennis balls at $2 each from Sporting Goods, Inc, their Invoice No. tb815, paid immediately, Check No. 79.

Jul 14 Received full payment from the Davis Family for Invoice No. 1150 and Invoice No. 1152, their Check No. 555.

Jul 14 Jen was awarded the contract to provide tennis lessons to the Springfield Gardens Teen Club. There will be three levels: beginner, intermediate, and advanced. They will be provided 30 hours a week in lessons. Jen will provide 10 hours of lessons and Dave will provide 20 hours of lessons. You decide to use time-tracking for this contract.

a. Enable the time-tracking feature.

b. Add the New Customer:

CUSTOMER NAME/

COMPANY NAME: Springfield Gardens Teen Club

FULL NAME: Erica Baynes

Main Phone: 718-555-1140

INVOICE/BILL TO: 150 Westgate St.

Springfield Gardens, NY 11413

PAYMENT TERMS: Net 30 Days

c. Add the following three jobs to Springfield Gardens Teen Club:

JOB NAME: Beginner Level

Intermediate Level

Advanced Level

Job Info: (for all three jobs)

JOB DESCRIPTION: To provide tennis instructions based on level.

JOB STATUS: Awarded

START DATE: 07/14/15

PROJECTED END: 07/25/15

d. On the Item List, add a New Item:

TYPE: Service

ITEM NAME/NUMBER: Tennis Lessons Fees – Assistant

Description:: Tennis Lessons Fees – Assistant

Rate: $20 per hour

Tax Code: Non-Taxable Sales

Account: 4020 Tennis Lessons Fees Earned

Jul 18 Provided 2 hours tennis lessons (owner) at $25 each and 2 hours tennis court service at $30 each on account to the Davis Family, Invoice No. 1156, Net 30 Days.

Jul 18 Received full payment from Whitestone Seniors Club for Invoice No. 1154, their Check No. 1597.

Jul 19 Received the utilities bill from Local Power Company and paid it immediately, Check No. 80, $200

Jul 20 Recorded the cash sales for the week for 16 hours of tennis lessons (owner) at $25 each, 39 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, 2 tennis racquets at $100 each, and 2 tennis outfits at $80 each, Sale No. 553.

Jul 20 Recorded the tennis lessons hours on the weekly timesheet for the Springfield Gardens Teen Club for the first week as follows:

For Jen Beck (owner):

Tue

7/14

Wed

7/15

Thu

7/16

Fri

7/17

Sat

7/18

Beginner Level

2

Intermediate Level

2

2

Advanced Level

2

2

For Dave Saylor (assistant):

Tue

7/14

Wed

7/15

Thu

7/16

Fri

7/17

Sat

7/18

Beginner Level

2

2

2

2

Intermediate Level

2

2

2

Advanced Level

2

2

2

Jul 22 Received full payment net of discount from Bayside Youth Group, Invoice No. 1155, their Check No. 11775.

Jul 22 Purchased five tennis racquets at $50 each on account from Racquets, Inc., their Invoice No. TR72215.

Jul 25 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1157, Net 30 Days.

Jul 25 Received full payment from Lakeland Community Group, Invoice No. 1153, their Check No. 6965.

Jul 27 Provided 10 hours of tennis court services at $30 each on account to the Lakeland Community Group, Invoice No. 1158, Net 30 Days.

Jul 27 Provided 6 hours of tennis court services at $30 each on account to the Whitestone Senior Club, Invoice No. 1159, Net 30 Days.

Jul 27 Sold 2 tennis racquets at $100 each and 2 tennis outfits at $80 each on account to the Cheung Family, Invoice No. 1160, 2/10, Net 30 Days.

Jul 27 Recorded the cash sales for the week for 18 hours of tennis lessons (owner) at $25 each, 40 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, and 2 tennis outfits at $80 each, Sale No. 554.

Jul 27 Recorded the tennis lessons hours on the weekly timesheet for the Springfield Gardens Teen Club for the second week as follows:

For Jen Beck (owner):

Tue

7/21

Wed

7/22

Thu

7/23

Fri

7/24

Sat

7/25

Beginner Level

2

Intermediate Level

2

2

Advanced Level

2

2

For Dave Saylor (assistant):

Tue

7/21

Wed

7/22

Thu

7/23

Fri

7/24

Sat

7/25

Beginner Level

2

2

2

Intermediate Level

2

2

2

2

Advanced Level

2

2

2

Jul 27 Created three invoices for the Springfield Gardens Teen Club: Beginner Level, Invoice No. 1161; Intermediate Level, Invoice No. 1162; and Advanced Level, Invoice No. 1163; for the period July 15, 2015 – July 26, 2015, Net 30 Days.

Jul 27 Created the paycheck for Dave Saylor for the pay period ending July 27, 2015. Dave worked a total of 80 hours of which 40 hours were at the Springfield Gardens Teen Club (those hours will flow into the payroll from the timesheet) and 40 were at Jen’s Tennis Courts (those 40 hours you must enter in the Preview Paycheck window). The paycheck details are as follows:

Pay Period: July 27, 2015

Hours Worked: 80

Company Summary:

Social Security Company: 49.60

Medicare Company: 11.60

Federal Unemployment: 6.40

NY – Disability Company: 0

NY – Unemployment: 32.20

Employee Summary:

Federal Withholding: 52.00

Social Security Employee: 49.60

Medicare Employee: 11.60

NY Withholding: 40.00

NY Disability – Employee: 1.20

Check No. 102

Jul 27 Paid the payroll liabilities owed to the United States Treasury for the month, Check No. 103.

Jul 27 Received the bill for the monthly mortgage payment of $425 from Daly’s Mortgage Corp., paid immediately, Check No. 81. Record $265 as a reduction of the Mortgage Payable, and $160 as Interest Expense. Memorize the transaction for monthly payments. Next payment August 27, 2015.

Jul 27 The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 82. Recall the memorized transaction.

Jul 30 Recorded interest earned on the Money Market, $12. (Use the Make General Journal Entries window, ENTRY NO. Int Inc., ADJUSTING ENTRY.)

Jul 30 Paid Office Supply Store, their Invoice No. 285, Check No. 83.

Jul 30 Paid Racquets, Inc., their Invoice No. TR71215 and Invoice No. CM-TR71215, Check No. 84.

Note: In the Pay Bills window, after selecting Racquets, Inc., Ref. No. TR71215, click the Set Credits button to select the $100 CM-TR71215, and then click Done.

Jul 31 Paid all sales tax owed to NYS Dept. of Revenue for the month, Check No. 85.

Jul 31 Deposited the cash receipts for the second half of the month of July.

Jul 31 Transferred $5,000 from the Cash – Operating account to the Money Market account.

Jul 31 Submit and record your bill for the accounting services for the month to set up the records for Jen’s Tennis Courts in QuickBooks; to record the transactions for the month of July; to record month-end activity; and to print the management reports, accounting reports, and the financial statements up to July 31, 2015. Fee for services rendered: $2,000, your Invoice No. JTC073115. Create a vendor: [Your Name] Accounting Service, Net 30 Days.

18. You are reviewing the invoices for Springfield Gardens Teen Club before you send them, Invoices No. 1161, 1162, and 1163. You think the presentation of the invoices can be improved. Create a new invoice design using the Intuit Service Invoice as the template. Name the invoice Job Invoice. Display and print the columns in the following order:

1. Item

2. Service Date

3. Quantity

4. Rate

5. Amount

19. Prepare the bank reconciliation for the Cash – Operating account.

a. The balance on the bank statement as of July 31, 2015 was $3,394.92.

b. There was a service charge of $15.00.

c. Check Nos. 83, 84, and 85 were outstanding

d. A check for $762.05 included in the July 13, 2015 deposit bounced.

Create an NSF item on the Item List:

TYPE: Other Charge

Item Name/Number: NSF

Description:: non-sufficient funds

Tax Code: Non-Taxable Sales

Account: 1010 Cash - Operating

e. Print the Bank Reconciliation Detail Report.

20. Display and print the following reports for July 1, 2015 – July 31, 2015:

a. Journal

b. Trial Balance

21. Record the following adjusting journal entries for July 31, 2015. Number the adjusting journal entries AJE1, AJE2, and so on:

a. Record one month of insurance expense.

b. Record one month of advertising expense.

c. Office supplies on hand totaled $420.

d. Depreciation for the Tennis Courts for the six months ending July 31 is $1,500.

e. Depreciation for the Furniture for the six months ending July 31 is $450.

f. Depreciation for the Equipment for the six months ending July 31 is $600.

g. A review of the inventory reveals that two tennis outfits were damaged and needed to be discarded. Adjust the inventory account. Use Inv Adj as the reference.

22. Display and print the following reports for July 1, 2015 – July 31, 2015:

a. Customer Balance Detail

b. Vendor Balance Detail

c. Inventory Valuation Detail

d. Payroll Transaction Detail

e. Profit & Loss by Job. Filter the report by Name, then choose Springfield Gardens Teen Club.

f. Journal Report (July 31 – July 31, 2015). Filter the report, using Transactions Type, then Multiple Transaction Types, to display only the adjusting journal entries (Journal) and the inventory adjustment (Inventory Adjustment).

g. Adjusted Trial Balance

h. Profit & Loss Standard (January 1, 2015 – July 31, 2015)

i. Balance Sheet Standard

23. Make a backup copy of the company file on a removable storage device and store it in a safe place.