Record the transactions for June

Reference no: EM132476974

Case Problem - On June 1, 2019, Olivia Chen began her business, Olivia's Web Solutions. Olivia began by depositing $25,000 cash in a bank account in the business name. She also contributed a computer. The computer has an outstanding note balance of $2,500 that has been assumed by the business. The cash, computer, note payable, and capital have all been recorded in the opening balances of the books. During the first part of the month, Olivia set up her office. She has now begun providing web design and Internet consulting services to individuals and small businesses. The Web Page Design Services are billed at $125 per hour, and the Internet Consulting Services are billed at $100 per hour. You will record the transactions listed below for the month of June. The company file includes the beginning information for Olivia's Web Solutions along with the transaction balance form Chapter 2.

1. Open the company file CH3 Olivia's Web Solutions.QBW.

2. At the QuickBooks Desktop Login window, in the Password text box, type Student 1 and then click OK.

3. Make a backup copy of the company file and name it OWSS [Your Name] Olivia's Web Solutions.

4. Restore the backup copy of the company file. In both the Open Backup Copy and Save Company File as dialog boxes, use the file name OWSS [Your Name] Olivia's Web Solutions and enter the password.

5. Change the company name to OWSS [Your Name] Olivia's Web Solutions.

6. Add the following customer to the Customer Center:

CUSTOMER NAME: Thrifty Stores

OPENING BALANCE: 0 As OF June 1, 2019

COMPANY NAME: Thrifty Stores

First Name: William

Last Name: Way

Main Phone: 718-555-2445

Mobile: 718-555-2446

Main Email:

INVOICE/BILL TO: 23 Boston Ave. Bronx, NY 11693

CREDIT LIMIT: 25,000

PAYMENT TERMS: Net 30 Days

TYPE: Commercial

Delete the following customer: Printers Group

7. Using the appropriate window, record the following transactions for June 2019:

Jun. 11 Provided 8 hours of Internet Consulting Services and 10 hours of Web Page Design Services on account to Long Island Water Works, Invoice No. 1001, Net 30 Days. Be sure the Intuit Service Invoice is the active template.

Jun. 14 Provided 8 hours of Web Page Design Services on account to Schorr & Smith, Invoice No. 1002, Net 30 Days.

Jun. 15 Provided 8 hours of Web Page Design Services on account the Schneider Family, Invoice No. 1003 , Net 15 Days.

Jun. 17 Provided 4 hours of Internet Consulting Services and 8 hours of Web Page Design Services on account to Miguel's Restaurant, Invoice No. 1004, Net 30 Days.

Jun. 18 Provided 4 hours of Internet Consulting Services to the Singh Family, Invoice No. 1005. Received payment immediately, Check No. 687.

Jun. 21 Provided 8 hours of Web Page Design Services on account to Breathe Easy, Invoice No. 1006, Net 30 Days.

Jun. 25 Received payment in full from Long Island Water Works for Invoice No. 1001, Check No. 124554.

Jun. 25 Provided 12 hours of Web Page Design Services on account to Thrifty Stores, Invoice No. 1007, Net 30 Days.

Jun. 28 Provided 8 hours of Internet Consulting Services on account to Artie's Auto Repair, Invoice 1008, Net 30 Days. Artie's Auto Repair is a new client:

CUSTOMER NAME: Attic's Auto Repair

OPENING BALANCE: 0 AS OF June 1, 2019

COMPANY NAME: Artie's Auto Repair

First Name: Leon

Last Name: Artie

Main Phone: 516-555-1221

Mobile: 516-555-1231

Main Email:

INVOICE/BILL TO: 32 West 11th Sireet New Hyde Park, NY 11523

CREDIT LIMIT: 25,000

PAYMENT TERMS: Net 30 Days

TYPE: Commercial

Jun. 28 Received payment in full from Sehorn & Smith for Invoice No. 1002, Check No. 3656.

Jun. 29 Provided 12 hours of Internet Consulting Services on account to South Shore School District, Invoice No. 1009, Net 30 Days.

Received payment in full from Miguel's Restaurant for Invoice No. 1004, Check No. 3269.

Jun. 30 Provided 8 hours of Internet Consulting Services on account to Sehorn & Smith, Invoice No. 1010, Net 30 Days.

Jun. 30 Received partial payment of $250 from Breathe Easy for Invoice No. 1006, Check No. 1455.

Jun. 30 Deposited all receipts for the month.

8. Display and print the following reports for June 1, 2019, to June 30, 2019:

a. Open Invoices

b. Customer Balance Detail

c. Customer Contact List

d. Journal.

Reference no: EM132476974

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