Kelly Jennings has just started working full time in her new business, an advertising agency named Jennings & Associates and located in San Martin, California.

Like many eager entrepreneurs, she started her business while working full time for another firm. At first, her billings were quite small. But as her client base and her billings grew, she decided to leave her job and set out on her own. Two of her colleagues and friends—Cheryl Boudreau and Diane Murphy—see Kelly’s eagerness and dedication, and they decide the time is right for them, too. Cheryl and Diane ask Kelly if they can join her sole proprietorship as employees, and so together they leave the traditional corporate agency environment.

Kelly knows that one of the first tasks she must accomplish is setting up an accounting system for Jennings & Associates. Also, she has just received a request from her banker to submit a balance sheet as documentation for a business loan.

As a close friend, you recommend she use QuickBooks Accountant, and you volunteer to help her get started.

Kelly tells you that in 2014 she borrowed $5,000 to start the business. Now she is applying for a loan to help expand the business. She also reminds you that, although she did conduct some business in 2014, her first full-time month was January 2015.

Requirements:

Prepare, memorize, and print the following reports using Kelly Jennings.qbw

(include your name in the Extra Footer Line of each report where possible).

Remember, you’ll need to restore this file from the student companion site. Use admin password Qbooks2018.

1 A Standard Balance Sheet as of December 31, 2014.

2 A Standard Balance Sheet as of January 31, 2015.

3 A Transactions List by Date report for the month of January 2015 in landscape orientation. (Hint: This report is listed in the Report menu section labeled Accountant & Taxes.)

4 A Summary Balance Sheet as of January 31, 2015, formatted in thousands and without cents and without the Date Prepared, Time Prepared, or Report Basis included.

5 A report of those transactions recorded in January 2015 that affected accounts payable.