Reference no: EM131029354

On December 1, 2014, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business. The newly formed company uses the following chart of accounts:

Set up the new company Farm Branch Rentals in the QuickBooks software with the information in the table that follows.

Set up the chart of accounts listed above; currently all accounts are going to begin with a zero balance.

Run an accounts listing of the chart of accounts and save in PDF format for submission.

Name of Company: Farm Branch Rentals
Address:

201 Farm Branch Road,

Rocky Mount NC 27811

Phone Number

555-897-7752
Federal ID Number

56-4785965
Business Entity

Corporation
Web Address:

www.farmbranchrentals.com
Email:

Chart of Accounts
Cash Income Taxes Payable
Accounts Receivable

Common/Capital Stock
Prepaid Rent

Retained Earnings
Prepaid Insurance

Dividends
Office Supplies

Rental Fees Earned
Rental Equipment

Salaries Expense
Accumulated Depreciation: Rental Equipment

Utilities Expense
Notes Payable

Rent Expense
Accounts Payable

Office Supplies Expense
Interest Payable

Depreciation Expense
Salaries Payable

Interest Expense
Dividends Payable

Income Taxes Expense

Dividend Expense

Unearned Rental Fees

For full-credit, submit a PDF from QuickBooks showing that the following steps have been completed correctly:

Set up an account for the new company using QuickBooks.

Use December 2014 as the first accounting period for QuickBooks.

Revise, and set up the chart of accounts to match the chart of accounts provided by Samantha and Larry.

After opening the company,

Click "Company" from the menu bar,

Then click "Chart of Accounts" in the Company section of the Home page.

Right click the account, then select "Edit Account."

Run an account listing prior to saving.

From the menu at the top of the window, select File & Save as PDF.

Submit your PDF.