1. New Company Set Up (4 marks)

Begin building a new company in Quickbooks for Veronica Newdale. The company name should be "Newdale Industries - " appending your name and student id#. For example; "Newdale Industries - Sean Espey #12345678". Include a Winnipeg Manitoba address and phone number. Align the fiscal year to the calendar. The business industry (type) that Veronica has started, as a sole owner, is "Bike Shop". Build the chart of accounts to reflect this.

2. Chart of Accounts (9 marks)

1. Clearly identify four (4) separate revenue accounts for four (4) different types of physical products (Goods) Veronica wants to sell in her shop. Clearly identify three (3) separate revenue accounts for three (3) different types of services Veronica wants to provide to clients. Be sure to include the appropriate accounts for cost of sales/serve.
2. Ensure a "Savings Bank Account" is set up.
3. Ensure a "Chequing Bank Account" is set up.

Part II: Customers and Sales

1. Adding Customers - General (4 marks)

Add four (4) customers to Newdale Industries's customer records. Include applicable addresses and phone numbers from Winnipeg Manitoba. Set the default taxes allow charges to GST & PST. Set up the applicable default revenue account as relevant to each customer.

2. Adding Customers - Yourself (4 marks)

You are currently improving your house and need supplies for a project you are currently working on at home. You are interested in purchasing supplies from Newdale Industries and would like to be a customer on account. You ask Veronica for approval to become a customer on credit and she agrees. Add yourself as customer to the Newdale Industries customer records. Include an address and phone number. Set the default taxes allow charges to GST & PST. Set up the default revenue account utilizing the first custom made revenue account you set up in the chart of accounts".

2. Recording a Customer Invoice - General (2 marks)

Create a sales invoice with a customer account in the first month of business, for the retail amount of $200.00 plus GST & PST. Ensure the appropriate revenue account is utilized. Post the invoice as pay later.

3. Recording a Customer Invoice - Yourself (5 marks)

You are now ready to buy specific supplies for your home project. Create a customer invoice with your individual customer account for 2 units of "Bikes" to record the sale for the retail amount of $200.00 plus GST & PST. Ensure the default revenue account is utilized. Post the invoice on January 2nd as pay later. Run a copy of the posted journal entry and save it as a PDF.

4. Receive Payments of Receivables - General (1 mark)

Process a payment to an outstanding customer account for the full amount owing. Use a subsequent date in the same month as the sale.

5. Recording a Customer Payment - Yourself (3 marks)

On January 12th, you are ready to pay the full amount owing on your Newdale Industries customer account. Process the payment to your customer account for the full amount owing using cheque #2 and the default receipt number. Run a copy of the posted journal entry and save it as a PDF.

Part III: Reports and File Maintenance

1. Chart of Accounts (1 mark)

After completing the necessary changes to the chart of accounts, run an updated "Chart of Accounts Report" and save as a PDF.

2. Deposit Slip Summary Report (1 mark)

After completing the January "Deposit Slip" activity, run an "Deposit Slip Summary Report" for the month of January and save as a PDF.

3. Customer Report (1 mark)

After completing the necessary changes to the sales and receipts postings, run an updated "Customer Sales Summary Report" for the month of January and save as a PDF.

4. Transaction by Account (1 mark)

After completing the necessary changes and postings to the requested transactions, run an updated "Transactions by Account Report" for the month of January and save as a PDF.

5. Backup the company