Unit 1: Learning Project - Transtutors · Web viewSold Mark Biggs a Full Exterior Detailing for a small car on account using invoice #15-115; Mark then paid with check #577 for $160

QuickBooks Pro 2015 Unit 1: Learning Project

Unit 1: Learning ProjectPutting It All Together

In this project, you will synthesize all you have learned in Unit 1 (Chapters 1–5). You will look at the information that has been compiled for an expanding auto detailing business and then process it in QuickBooks.

This is an individual assignment, however, you are allowed to work in study groups together. You must submit your own file for the project! You will be completeing the tasks for each of the roles shown below.

You will be keeping the books for the company for the first month, which will be broken down into “sessions.” You will not be given specifics in many cases, just as you will not be given specifics when working with your own company. You may need to add new customers, vendors, or other information “on the fly” and use your own problem-solving and reasoning skills to complete the project. You are also welcome to use the help and search features in QuickBooks to accomplish the tasks. Now, let’s get started!

Case Study: Rugged Cross Auto Detailing

Martin Beatty has owned and operated a small automobile detailing business out of his home for the past three-and-a-half years. His business has grown, and he is no longer able to serve his customer base from his converted garage facility. Martin is looking for a commercial building to lease from which he can run his business. When the move is complete, Martin plans to employ four full-time detailing specialists.

Martin’s wife, Bridget, has managed the business books since the business opened more than three years ago. She has been using spreadsheets that came with her home computer but is interested in a software package that will expand as the business grows. QuickBooks received high reviews and was recommended at a small-business seminar she recently attended.

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RuggedCrossAuto

Detailing


Session #1: The Company File and Lists

[A] As the Administrator, you are responsible for creating the new company file based on the information below. If you are working in a group, set yourself up as the administrator and your teammates as additional users. Grant permissions for each user account based on the responsibilities of each position. (You may wish to look through the entire assessment to determine what access each will need.) Since you will be entering transactions that occurred in the past, make sure to turn off the Date Warning preferences. Examine the Chart of Accounts created for your company, and then make sure there is an appropriate income account for each type of service that Rugged Cross provides as well as an expense account for the non-inventory items (i.e., Job Materials). Make sure to also delete unnecessary accounts. Finally, set up the bank and credit card accounts outlined below, and set up the company to use the accrual basis of accounting.

[R] As the Accounts Receivable team member, you are responsible for setting up all of the customers listed below. In addition, you will need to set up the service items that will be displayed on invoices and sales receipts.

[P] As the Accounts Payable team member, you are responsible for setting up all of the vendors listed below. In addition, you will need to populate the following profile lists: Vendor Type List, Customer Type List, Payment Type List, and the Terms List. Finally, you will assist the Administrator by setting up the non-inventory items that the company will be using.

Session #1: Data

Company General InformationBusiness Name Rugged Cross Auto DetailingIndustry Automotive Sales or RepairBusiness Type Sole ProprietorshipEmployer Identification Number (EIN)

#99-9999999

Business Address 18071 Hamburg Avenue, Anaconda, MT 59711Phone (406) 555-5192Fax (406) 555-3172Fiscal Year JuneTax Year JanuaryTax Form 1040 (Sole Proprietorship)QuickBooks Start Date 5/31/2015Basis CashState ID #999-9999-9

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Bank AccountsAccount name Account number Opening balance Opening balance dateChecking: Deer Lodge County Credit Union

Acct. #4673-85 $13,265.72 5/31/15

Savings: Deer Lodge County Credit Union

Acct. #4673-02 $42,105.01 5/31/15

Credit Card: Copper City Bank Visa

Acct #4000 9999 7777 3333

$0 5/31/15

Chart of AccountsDelete the following accounts: Parts Purchases, Equipment Rental, and Ask My Accountant. Then add the following accounts.

Account Account TypeCleaning Service Income IncomeDetailing Service Income IncomeRepair Service Income IncomeJob Materials Expense

Customer Types/SubtypesThe lists below contain the categories you will need for this project. Please delete any other categories that are not currently needed.

Businesso Chamber (of Commerce)o From Ado Interneto Referralo Other

Personalo From Ado Interneto Referralo Other

Vendor Types Insurance Suppliers Tax Agency

Utilities Other

Payment Methods

American Express Cash Check

Debit Card Discover Gift Card

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In-Kind (Other payment type) MasterCard

Visa

Terms List Entries Due on Receipt Net 15 Net 20

Net 30 1% 10 Net 25 2% 15 Net 30

CustomersName/Company Address Phone Terms Custome

r TypeJohn McNay 2118 Hagen St.

Anaconda, MT 59711(406) 555-2195 Due on Receipt Referral

Dan Greany 102 Copper Rd.Anaconda, MT 59711

(406) 555-6103 Due on Receipt Internet

Dan Thomas 1407 West 4th St.Anaconda, MT 59711

(406) 555-1254 Net 20 From Ad

Annette Helsper 1305 West 3rd St.Anaconda, MT 59711

(406) 555-5928 Due on Receipt Referral

Pam Swanson 246 Birch St.Anaconda, MT 59711

(406) 555-6203 Net 15 Referral

Mike McCollough 955 Eagle Mtn. Dr.Anaconda, MT 59711

(406) 555-1093 Net 20 Internet

Larry Bloodneck 1104 East Park St.Anaconda, MT 59711

(406) 555-3397 Due on Receipt Internet

Mark Biggs 496 Mt. Baldy Rd.Anaconda, MT 59711

(406) 555-5981 Due on Receipt From Ad

Sean Murphy 1106 West Park St.Anaconda, MT 59711

(406) 555-1942 Due on Receipt From Ad

Leslie McGrevy 507 West 3rd St.Anaconda, MT 59711

(406) 555-8851 Net 15 Internet

Mike Carson/Carson Car Sales

4201 East 6th St.Anaconda, MT 59711

(406) 555-9441 1%10 Net 25 Referral

Erika Jenson/Jenson Auto Wholesalers

331 Pine St.Anaconda, MT 59711

(406) 555-7344 2%15 Net 30 Referral

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VendorsCompany Name/Contact

Address Phone Account No.

Payment Terms

Type

Sullivan Insurance Co./Colleen Sullivan

206 West 4th St.Anaconda, MT 59711

(406) 555-2195

B22931 Net 30 Insurance

Smelter City Power and Gas/Steve Hasart

201 West 3rd St.Anaconda, MT 59711

(406) 555-4431

129-774 Net 15 Utilities

Crown Property Management/Brian Ramsey

4213 Salem St.Anaconda, MT 59711

(406) 555-7534

C420 Due on Receipt

Other

Anaconda Water Works/Dennis Thomas

1104 West 4th St.Anaconda, MT 59711

(406) 555-3842

5529-1 Due on Receipt

Utilities

Butte Waste Management/Teresa Moore

666 Hellsgate Ln.Butte, MT 59701

(406) 555-4982

NTGD00 Net 15 Utilities

McCarthy’s Automotive Supplies/Patsy McCarthy

1900 Butte Hill Rd.Phoenix, AZ 85001

(480) 555-2235

VW-112 Due on Receipt

Suppliers

Hamill Car Detail Supplies/Katlin Hamill

24567 Danny Boy WayCorona, CA 92877

(951) 555-9988

921-ZP Net 15 Suppliers

PriceCo Due on Receipt

Suppliers

Deer Lodge County Treasurer/Regina Parsons

County Courthouse800 Main St.Anaconda, MT 59711

(406) 555-3732

999-99-9999

Due on Receipt

Tax Agency

Menu of Services (Services Are Non-Taxable)Individually Priced Repair Services

Rock Chip Windshield Repair $55 Automotive Paint Sealant $125

Paint Over Spray Removal $25 Paint Touch Up $20

Individually Priced Cleaning Services Hand Wash $20 Hand Wash with Interior $35 Electronic Odor Elimination $25 Shampoo Carpet $60 Shampoo Upholstery $50

Engine Clean $45 Exterior Polish & Wax $75 Exterior Wax $45 Water Spot/Tar Removal $15

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Individually Priced Detailing Services Vinyl/Leather Treatment $25 Tire/Bumper Dressing $15

Shampoo Trunk $25

Packaged Cleaning Services (prices are for a small car/large car) Paint Protection ($90/$125): A thorough hand washing and drying, followed by an application

of a protective sealant.

This standalone service involves a thorough hand washing and drying. A clay bar is used to remove any paint overspray and contaminants found on your new vehicle. Then, a high-quality paint sealant is applied, which produces a long-lasting, high-gloss shine on all automotive paint finishes. The paint sealant provides resistance from UV rays, salty air, snow, sleet, insects, road film, harsh detergents, and environmental contaminants that can prematurely fade or discolor automotive finishes. The paint sealant should be reapplied every six months to sustain color and shine, and to provide protection.

Packaged Detailing Services (prices are for small car/large car) Full Interior/Exterior Detailing ($180/$225): Hand washing and drying, as well as machine

buffing and waxing of exterior. Interior cleaning, shampooing, with leather and glass protection applied.

This service starts with a hand washing and drying of your vehicle. The painted surfaces are machine buffed and waxed with a Brazilian carnauba wax to restore color and shine. Tires and wheels get special cleaning and tire dressing. All cloth, vinyl, and leather surfaces, including the seats, door panels, carpets, and the trunk, are cleaned with non-aggravating solutions that get into crevasses, including door jambs. Vinyl surfaces are treated with UV protectant, and leather surfaces receive an application of leather conditioner. After a complete window cleaning, Rain-X is applied to the exteriors. Also included are vacuuming with deep upholstery and carpet extraction, and engine cleaning.

Full Exterior Detailing ($160/$180): Hand washing and drying, as well as machine buffing and waxing of exterior.

This is a great service to give your car during the winter months to remove built-up mud and grime. It begins with a careful hand washing followed by drying with a chamois. The door jambs are cleaned, and premium products are used to remove bugs and tar. The tires are cleaned and dressed, and the wheels are cleaned and polished with products made especially for your type of wheel. The glass is polished and cleaned, and then it is coated with Rain-X to improve visibility in wet conditions. Next, the car is machine polished to remove light-to-medium scratches, swirl marks, and dull and oxidized paint. Brazilian carnauba wax is applied by hand to bring out the deep brilliance of your car’s finish. All chrome trim and logos are detailed to remove dirt, grime,

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and wax buildup. Finally, our technicians inspect the car with the customer to ensure satisfaction. Our goal is to have every car drive out of our driveway looking like it just drove off the showroom floor.

Interior Detailing ($100/$140): Interior cleaning and shampooing, with leather and glass protection applied.

This service includes a thorough vacuuming with deep upholstery and carpet extraction, which removes most stains and all dirt. All cloth, vinyl, and leather surfaces are cleaned with non-aggravating solutions, including the seats, door panels, carpets, trunk, and even crevasses and door jambs. Vinyl surfaces are treated with UV protectant, and leather surfaces receive an application of leather conditioner. Finally, the glass is cleaned and polished so you can enjoy the beautiful scenery of Montana.

Non-Inventory PartsSet the following items up in the Job Materials Expense account.

Brushes Sold as an assortment of sizes $19.99Rags Sold in a 50-rag bundle $39.99Buckets Sold in a 3-pack package $18.49Water Hoses 50-foot hose $17.99Paper Hand Towels Sold in a pack $13.56Mimi’s Upholstery and Carpet Cleaner Sold by the case $60.00Jack’s Superior Exterior Car Wash Cleaner 1-gallon jug $13.99

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Session #2: Day-to-Day Work

[A] As the Administrator, you will be responsible for making all deposits, receiving all payments on accounts, and entering credit card charges.

[R] As the Accounts Receivable team member, you are responsible for entering all invoices and cash sales.

[P] As the Accounts Payable team member, you are responsible for entering and paying all bills, and for writing and printing all checks.

Session #2: DataMonthly Diary

Monday, June 1, 2015:o Using a Service Invoice template, sold a Rock Chip Windshield Repair service to Larry Bloodneck

on account using invoice #15-101.o Received cash from Dan Greany for both Hand Wash with Interior and Electronic Odor

Elimination services.o Received a check (#429) from Sean Murphy for Hand Wash and Engine Clean services.o Received a utility bill from Smelter City Power and Gas for $142.09.o Used the Visa card to purchase printer ink from PriceCo for $42.99.o Wrote a check to Crown Property Management for $1,500 for June rent, to be printed later.

Tuesday, June 2, 2015:o Received cash from Chris McCartney for a Hand Wash with Interior service.o Received a check (#1465) from Dan Thomas for an Automotive Paint Protection service for a

large SUV.o Received a utility bill from Butte Waste Management for $74.00.o Received a bill from Hamill Car Detail Supplies for $60.00 for a case of Mimi’s Upholstery and

Carpet Cleaner.Use the Items tab rather than the Expense tab to record this and future purchases of non-inventory job materials. You will learn more about using the Item tab in the Enter Bills window to enter non-inventory items in Unit 2. This task is included in this project to help you follow best business practices.

Wednesday, June 3, 2015: o Received a bill from Sullivan Insurance Co. for $154.30.

You may need to switch tabs back to Expense.

o Purchased water, soda pop, and snacks for the waiting room at Thompson’s Grocery with credit card for $36.55, and these items are considered office supplies.

o Sold a Hand Wash with Interior service to John McNay on account using invoice #15-102.

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o Received check #777 from Billy Mercedes for a Full Exterior Detailing service for a small car.

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Thursday, June 4, 2015: o Purchased an iPod and docking station for the lobby from Electronics Wizardry for $359.36 using

the company Visa card; assign to Shop Expense.o Sold a Paint Touch Up to Carson Car Sales on account using invoice #15-103.o Paid all bills in Accounts Payable; checks are to be printed.o Printed all checks in the queue using check #1800 as the first check number.o Deposited all funds held in Undeposited Funds into Checking.

Check-up time! Checking $11,780.33; A/R $110.00; A/P $0; Visa $438.90

Saturday, June 6, 2015:o Invoiced Jenson Auto Wholesalers for five small car Full Interior/Exterior Detailing services using

invoice #15-104.o Sold a Full Interior/Exterior Detailing service for a large SUV to Mike McCollough on account

using invoice #15-105.o Received a bill from McCarthy’s Automotive Supplies for $55.96 for four gallons of Jack’s

Superior Exterior Car Wash.

Recall that this is a job material and is therefore recorded in the Items tab.

Sunday, June 7, 2015: o Invoiced Carson Car Sales for four small vehicle and one large vehicle Full Interior/Exterior

Detailing services, using invoice #15-106.o Received check #2503 for $55.00 as payment on account from Larry Bloodneck; apply to invoice

#15-101.o Received a bill from WebWorks for a year’s worth of Internet hosting (Computer & Internet) for

$600, terms Net 15.o Received a check (#435) from Sean Murphy for a Hand Wash service.

Monday, June 8, 2015: o Purchased a carpet for the lobby from Superior Interiors using the company Visa for $189.45;

this is considered a Shop Expense.o Sold an Automotive Paint Protection service for a large vehicle to Leslie McGrevy on account

using invoice #15-107.

o Sold an Automotive Paint Protection for a large vehicle to Larry Bloodneck on account using invoice #15-108.

o Received a bill from Hamill Car Detail Supplies for $38.48 for a package of Brushes and a 3-pack of Buckets.

o Received check #1668 for $900.00 as payment on account from Jenson Auto Wholesalers; apply to invoice #15-104.

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Tuesday, June 9, 2015:o Wrote a $38.44 check to Simpson’s Pizzaria for a customer-appreciation lunch (Meals &

Entertainment); handwritten on check #1805.o Sold a Hand Wash with Interior service to John McNay using invoice #15-109.o Sold an Interior Detailing package for a large car to Roxy Holden [1065 West Park St., Anaconda,

MT 59711; (406) 555-1579] on account using invoice #15-110, terms Net 15.o Received check #332 for $35.00 as payment on account from John McNay; apply to invoice

#15-102.o Received check #3355 for $20.00 as payment on account from Carson Car Sales; apply to invoice

#15-103.

Wednesday, June 10, 2015:o Received check #446 from Logan Webb for a Hand Wash with Interior service.o Sold a Full Exterior Detailing service package for a large SUV to Dan Thomas on account using

invoice #15-111.o Sold a Paint Touch Up service to Kristin Newberg [675 10th St., Anaconda, MT 59711; (406) 555-

9821] on account using invoice #15-112, terms Net 15.o Received check #781 for $225.00 as payment on account from Mike McCollough; apply to

invoice #15-105.o Paid all bills in Accounts Payable; checks to be printed.o Printed all checks in the queue using the next available check number, #1806.o Deposited all funds held in Undeposited Funds into Checking.

Check-up time! Checking $12,337.45; A/R $1,570.00; A/P $0; Visa $628.35

Saturday, June 13, 2015: o Received a bill from Anaconda Water Works for $63.20.o Invoiced Jenson Auto Wholesalers for two small vehicle and two large vehicle Full

Interior/Exterior Detailing services using invoice #15-113.o Sold a Hand Wash with Interior service to Dan Greany on account using invoice #15-114.o Received check #2139 for $125.00 as payment on account from Larry Bloodneck; apply to

invoice #15-108.o Used the company Visa to purchase office supplies for $29.78 at Office Superstore.

Sunday, June 14, 2015:o Sold Mark Biggs a Full Exterior Detailing for a small car on account using invoice #15-115; Mark

then paid with check #577 for $160.o Sold a Hand Wash to Annette Helsper on account using invoice #15-116.o Received check #6028 for $140.00 as payment on account from Roxy Holden; apply to invoice

#15-110.o Received a check (#438) from Sean Murphy for a Hand Wash.

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Monday, June 15, 2015:o Received a cash payment from Samantha Wilson for a Hand Wash and Exterior Polish & Wax

services.o Sold Hand Wash and Engine Clean services to Deborah Michaels [1644 Henderson Avenue,

Anaconda, MT 59711; (406) 555-4312] on account using invoice #15-117, terms Net 15.o Sold Hand Wash and Engine Clean services to Pam Swanson on account using invoice #15-118.o Received a bill from Hamill Car Detail Supplies for $27.12 for 2 packs of Paper Hand Towels.o Received check #899 for $180.00 as payment on account from Dan Thomas; apply to invoice

#15-111.o Received check #1012 for $125.00 as payment on account from Leslie McGrevy; apply to invoice

#15-107.

Tuesday, June 16, 2015: o Received check #3362 from Carson Car Sales for $700 and deposited it into the Checking

account, crediting the Detailing Services Income account.You will incorrectly use the Make Deposit window for this transaction. Don’t worry! You will deal with the error in the next session of this exercise.

o Sold a Hand Wash with Interior service to John McNay on account using invoice #15-119.o Invoiced Carson Car Sales for two small vehicle and three large vehicle Full Interior/Exterior

Detailing services using invoice #15-120.o Received check #341 for $35.00 as payment on account from John McNay; apply to invoice

#15-109.o Wrote a $95.00 check to Betty’s Cleaning Service for office cleaning (Repairs & Maintenance);

leave check to be printed.

Wednesday, June 17, 2015: o Wrote a check to Sullivan Insurance Co. for $100, debiting the Insurance Expense account; to

be printed.o Received check #2664 for an Interior Detailing package for a small car from Annette Helsper.o Invoiced Leslie McGrevy for an Interior Detailing package for a large car using invoice #15-121.o Paid all bills in Accounts Payable; checks to be printed.o Printed all checks in the queue using the next available check number, #1809.o Deposited all funds held in Undeposited Funds into Checking.


Saturday, June 20, 2015:o Received check #2121 for $65.00 as payment on account from Pam Swanson; apply to invoice

#15-118.o Invoiced Jenson Auto Wholesalers for one small vehicle and three large vehicle Full

Interior/Exterior Detailing services using invoice #15-122.

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o Received a bill from McCarthy’s Automotive Supplies for $95.95 for 4 gallons of Jack’s Superior Exterior Car Wash and a bundle of Rags.

o Received check #1676 for $810.00 as payment on account from Jenson Auto Wholesalers; apply to invoice #15-113.

Sunday, June 21, 2015:o Sold a Full Interior/Exterior Detailing service for a small car to Larry Bloodneck on account using

invoice #15-123.o Received check #1427 for $65.00 as payment on account from Deborah Michaels; apply to

invoice #15-117.o Received a check (#441) from Sean Murphy for a Hand Wash.

Monday, June 22, 2015:o Sold a Full Exterior Detailing package for a large vehicle to Becky Christianson on account using

invoice #15-124, terms Net 15.o Sold Hand Wash and Exterior Polish & Wax services to Chris Samuels [898 8th St., Anaconda, MT

59711; (406) 555-2632] on account using invoice #15-125, terms Net 20.o Received a bill from Hamill Car Detail Supplies for $60 for a case of Mimi’s Upholstery and

Carpet Cleaner.o Received check #3099 for $20.00 as payment on account from Annette Helsper; apply to invoice

#15-116.o Used the company Visa to purchase a banner for advertising from Brag About It! for $65.03.

Tuesday, June 23, 2015:o Received check #1020 for $140.00 as payment on account from Leslie McGrevy; apply to invoice

#15-121.o Sold a Hand Wash with Interior service to John McNay on account using invoice #15-126.o Received check #350 for $35.00 as payment on account from John McNay; apply to invoice

#15-119.

Wednesday, June 24, 2015:o Invoiced Carson Car Sales for one small vehicle and three large vehicle Full Interior/Exterior

Detailing services using invoice #15-127.o Received check #2150 for $180.00 as payment on account from Larry Bloodneck; apply to

invoice #15-123.o Paid all bills in Accounts Payable; checks to be printed.o Printed all checks in the queue using the next available check number, #1813.o Deposited all funds held in Undeposited Funds into Checking.


Saturday, June 27, 2015:

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o Invoiced Jenson Auto Wholesalers for six small vehicle and one large vehicle Full Interior/Exterior Detailing services using invoice #15-128.

o Received check #507 for $180.00 as payment on account from Becky Christianson; apply to invoice #15-124.

o Invoiced Pam Swanson for Exterior Polish & Wax, Hand Wash with Interior, Carpet Shampoo, and Shampoo Upholstery using invoice #15-129.

o Received cash from Sally Cassen for a Hand Wash with Interior service.o Received check #2721 for $35.00 as payment on account from Dan Greany; apply to invoice

#15-114.

Sunday, June 28, 2015:o Sold a Paint Protection package service for a small car to Leslie Golden [1001 Crescent Lane,

Anaconda, MT 59711; (406) 555-3478] on account using invoice #15-130, terms Net 20.o Sold Hand Wash with Interior and Exterior Wax services to Mike McCollough on account using

invoice #15-131.o Received check #925 for $20.00 as payment on account from Kristin Newberg; apply to invoice

#15-112.o Received a check (#443) from Sean Murphy for a Hand Wash and Engine Clean.o Received check #3378 for $1,035.00 as payment on account from Carson Car Sales; apply to

invoice #15-120.o Purchased water and candy (Office Supplies) at Thompson’s Grocery with credit card

for $14.95.

Monday, June 29, 2015:o Sold Hand Wash with Interior and Exterior Wax services to Billy Mercedes on account using

invoice #15-132.o Sold Hand Wash and Tire/Bumper Dressing services to Roxy Holden on account using invoice

#15-133.o Received check #1689 for $855.00 as payment on account from Jenson Auto Wholesalers; apply

to invoice #15-122.o Received a bill from Hamill Car Detail Supplies for $55.48 for miscellaneous supplies (Shop

Expense).o Received check #1691 for $1,305.00 as payment on account from Jenson Auto Wholesalers;

apply to invoice #15-128.o Paid all bills in Accounts Payable; checks to be printed.o Wrote a check to Martin Beatty for $3,000 as an owner’s draw; to be printed.o Printed all checks in the queue using the next available check number, #1815.o Deposited all funds held in Undeposited Funds into Checking.


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Session #3: Wrap It Up

[A] As the Administrator, you will be responsible for setting up all accounts and items necessary for the transactions in this session, producing balance sheet and profit & loss reports, and customizing the company’s reports. You will also be in charge of reconciling the bank and credit card statements.

[R] As the Accounts Receivable team member, you are responsible for accounting for any checks returned for nonsufficient funds (once the items and accounts are set up), sending out customer statements, editing/fixing invoices and payments on account, and writing off bad debt.

[P] As the Accounts Payable team member, you are responsible for issuing customer refunds, accepting vendor refunds, and editing/fixing bills and bill payments.

Session #3: DataScenarios

Invoice #15-129 included an Exterior Polish & Wax, Hand Wash with Interior, Shampoo Carpet, and Shampoo Upholstery. On 6/28/15 you discovered that the customer should have only been invoiced for a Full Interior/Exterior Detailing package for a small car. Reissue invoice as #15-134.

A check was written to Sullivan Insurance Co. on 06/17/2015 that should have been applied to an outstanding bill. You also paid this bill in full, so you have paid for the expense twice. On 6/30/2015, the vendor issued you a $100 credit for the overpayment.

You deposited $700 from Carson Car Sales directly into the bank, but it should have been applied to invoice #15-106. Make sure the payment is recorded on 6/16/15.

You were reviewing your source documents and realized that the bill from Anaconda Water Works dated 06/13/2015 for $163.20 was incorrectly entered into QuickBooks for $63.20.

You received a damaged case of Mimi’s Upholstery and Carpet Cleaner (six of the twelve bottles were damaged) from Hamill Car Detail Supplies. The vendor issued you a credit on 6/30/15 for $30 (use a quantity of 0.5 on the Items tab to arrive at this amount) to account for the damaged goods. You will use this credit when paying a future bill to the vendor.

On June 19, 2015, you received the following notice from the bank: Check #577 for $160.00 from Mark Biggs was returned for nonsufficient funds. A $25 fee has been charged to your account. Pass this charge on to the customer.

Once you are finished with the preceding scenarios, complete the following tasks on 6/30/2015:

Pay all bills in Accounts Payable; checks to be printed. Print all checks in the queue using the next available check number, #1817. Deposit all funds held in Undeposited Funds into Checking, if necessary.

Check-up time! Checking $15,100.70; A/R $1,880.00; A/P –$130.00; Visa $738.11

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Bank StatementUse the following bank statement to reconcile the checking account for June 2015.

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Credit Card StatementUse the following credit card statement to reconcile the credit card account for June 2015. Choose to enter a bill (dated 06/30/15) for a payment to be made later for the total amount you owe to the

vendor.

Session #3: DeliverablesSubmit the following items to your instructor, either as a PDF file or in printed form:

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A Balance Sheet report displaying the balances of all assets, liabilities, and equity accounts as of June

30, 2015.

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Documents

Unit 1: Learning Project - Transtutors · Web viewSold Mark Biggs a Full Exterior Detailing for a small car on account using invoice #15-115; Mark then paid with check #577 for $160