Create the company file and record the information

Reference no: EM131689452

Case Problem -

On April 1, 2017, Lynn Garcia began her business, Lynn's Music Studio. In the first month of business, Lynn set up the music studio, provided guitar and piano lessons, and recorded month-end activity. In May, the second month of business, Lynn started purchasing and selling inventory items of guitars, keyboards, music stands, and sheet music. In April and May, Lynn was recording the financial activities using a manual accounting system. On June 1, 2017, Lynn decides to switch her accounting method to QuickBooks. Lynn has organized the information about the company but has hired you to convert the accounting records to QuickBooks.

1. Use the following information to create the company file and record the information for the company using the Detailed Start method and the EasyStep Interview window. Where no specific information is given, accept the EasyStep Interview window default setting.

Company Name: CH6 [Your Name] Lynn's Music Studio

Tax ID: 45-6123789

Address: 228 Pearl Street Scranton, PA 18501

Country: U.S.

Phone: 570-555-0400

Fax: 570-555-0500

E-mail: [email protected]

Industry: General Product-based Business

Company: Sole Proprietorship

Fiscal Year Start: January

Password: (none)

Save As: CH6 [Your Name] Lynn's Music Studio

Sell: Both services and products

Sales Tax: Yes

Estimates: No

Tracking Customer

Orders: No

Statements: No

Invoices: Yes

Progress Invoicing: No

Bills You Owe: Yes

Tracking Inventory: Yes

Tracking Time: No

Employees: No

Start Tracking: 06/01/2017

Remove the check mark from the following accounts:

Shipping and Delivery Income
Freight and Shipping Costs
Merchant Account Fees
Product Samples Expense
Purchases - Resale Items
Advertising and Promotion
Automobile Expense
Bank Service Charges
Computer and Internet Expenses
Dues and Subscriptions
Meals and Entertainment
Postage and Delivery
Professional Fees
Repairs and Maintenance
Travel Expense
Ask My Accountant

Place a check mark to the left of the following account: Sales Discounts.

Reference no: EM131689452

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len1689452

10/24/2017 7:17:57 AM

Complete only Part 1 of the Case Problem. Upload a Word document with a screenshot of the "Company Information" screen using menu item "Company: My Company." Upload a PDF of the "Account Listing" report. Carefully review the Grading Rubric o for the criteria that will be used to evaluate your assignment. Demonstrate your knowledge of the QuickBooks features discussed in this chapter by completing the following case problems. Topic: Accounting-QuickBooks. Detailed Question: All the assignments are completed using Quickbooks. Preferably the 2015 version.

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