Reference no: EM131150232
18. 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, 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, 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. TR71213.
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-TR71213.
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, 2013. Recorded the following paycheck details (if you receive messages about additional taxes, click X and Yes to close each message):
Pay Period: July 13, 2013
Hours Worked: 80
Company Taxes:
Social Security Company: 49.60
Medicare Company: 11.60
Federal Unemployment: 6.40
NY - Disability Company: 0
NY - Unemployment: 32.20
Employee Taxes:
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, 2013.
Jul 15 Purchased 25 cans of tennis balls at $2 each from Sporting Goods Inc, their Invoice No. tb815, paid immediately, Check No. 79.
Jul 15 Received full payment from the Davis Family for Invoice No. 1150 and Invoice No. 1152, their Check No. 555.
Jul 15 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: Springfield Gardens Teen Club
Address: 150 Westgate St.
Springfield Gardens, NY 11413
Contact: Erica Baynes
Phone: 718-555-1140
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 Status: Awarded
Start Date: 07/15/13
Projected End: 07/26/13
Job Description: To provide tennis instructions based on level.
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):
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Mon
7/15
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Tue
7/16
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Wed
7/17
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Thu
7/18
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Fri
7/19
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|
|
|
|
|
|
|
|
Beginner Level
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2
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|
|
|
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Intermediate Level
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|
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2
|
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2
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Advanced Level
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2
|
|
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2
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|
For Dave Saylor (assistant):
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Mon
7/15
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Tue
7/16
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Wed
7/17
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Thu
7/18
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Fri
7/19
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|
|
|
|
|
|
|
|
Beginner Level
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2
|
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2
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2
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2
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|
Intermediate Level
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2
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2
|
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2
|
|
|
Advanced Level
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|
2
|
2
|
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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. TR72213.
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):
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Mon
7/22
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Tue
7/23
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Wed
7/24
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Thu
7/25
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Fri
7/26
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|
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Beginner Level
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2
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|
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Intermediate Level
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2
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2
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|
|
Advanced Level
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2
|
|
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2
|
For Dave Saylor (assistant):
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|
Mon
7/22
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Tue
7/23
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Wed
7/24
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Thu
7/25
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Fri
7/26
|
|
|
|
|
|
|
|
|
Beginner Level
|
2
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2
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|
|
2
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|
Intermediate Level
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2
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2
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2
|
2
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Advanced Level
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2
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2
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2
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|
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, 2010 - July 26, 2010, Net 30 Days.
Jul 27 Created the paycheck for Dave Saylor for the pay period ending July 27, 2013. 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, 2013
Hours Worked: 80
Company Taxes:
Social Security Company: 49.60
Medicare Company: 11.60
Federal Unemployment: 6.40
NY - Disability Company: 0
NY - Unemployment: 32.20
Employee Taxes:
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, 2013.
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, Entry No. Int Inc.
Jul 30 Paid Office Supply Store, their Invoice No. 285, Check No. 83.
Jul 30 Paid Racquets, Inc., their Invoice No. TR71213 and Invoice No. CM-TR71213, Check No. 84.
Note: In the Pay Bills window, after selecting Racquets, Inc., Ref. No. TR71213, click the Set Credits Button to select the $100 CM-TR71213, 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, 2013. Fee for services rendered: $2,000, your Invoice No. JTC073113. Create a vendor: [Your Name] Accounting Service, Net 30 Days.
Attachment:- Comprehensive-Problem-2.rar