b. Inventory c. Purchases by Tiem Detail d. Sales by Item Detail e. Journal F. Profit & Loss Standard (April 1, 2019-May 31, 2019) g Balance Sheet Standard Case Problem 5-2 On June 1, 2019, Olivia Chen began her business, Olivia's Web Solutions. In the first month of business, Olivia set up the office, provided web page design and Internet consulting services, and recorded month-end activity In July, the second month of business, Olivia will purchase and sell inven- tory items of computer hardware and software. For customers that pur- chase merchandise inventory, the terms of payment are 2/10, Net 30 Days. For illustration purposes, assume an 8% sales tax is charged on the sales of all inventory items. The company file includes the information for Olivia's Web Solutions as ofJuly 1, 2019. 1. Open the company file CH5 Olivia's Web Solutions.QBw. 2. At the QuickBooks Desktop Login window, in the Passuord text box 3. Make a backup copy of the company file and name it OwS5 /Your type Studentl and then click OK Namel Olivia's Web Solutions. Backup Copy and Save Company File as dialog boxes, use the file password Solutions. 4. Restore the backup copy of the company file. In both the Open name OWS5 /Your Name) Olivia's Web Solutions and enter the 5. Change the company name to OWS5 /Your Name) Olivia's Web 6. Add the following inventory items to the Item List: Type: Inventory Part Scanners tem Name/Number Description on Purchase/Sales Transactions Cost: COGS Account: Preferred Vendor: Sales Price Tax Code Scanners 300 5065 Cost of Scanners Sold Scanntronix 600 Tax-Taxable Sales 4065 Sale of Scanners 1265 Inventory of Scanners Income Account Asset Account: Type: Inventory Part Desktop Publishing Software Item Name/Number Description on Parchase/Sales Transactions Desktop Pub Publishing Software Cost: 100 CHAPTER 5 L Inventory 185 COGS Account: 5075 Cost of Desktop Pub. Software Textpro Software, Inc. 200 Tax-Taxable Sales Preferred Vendor: Sales Price: Tax Code Income Account Asset Account 4075 Sale of Desktop Pub. Soft. 1275 Inventory of Desktop Pub. Soft. Delete the following inventory item: Printers Using the appropriate window, record each of the following transactions for July: 7. Purchased 10 computers on account from Computec Computers at $1,000 each, its Invoice No. 068788. Jul. 2 Jul. 2 Purchased 20 scanners on account from Jul. 2 Purchased 10 desktop publishing software packag Jul. 2 Purchased 20 HTML. software packages from InterSoft Jul. 5 Sold 3 computers for $2,000 each, 2 scanners for $600 Scanntronix at $300 each, its Invoice No. 10089-30 from Textpro Software, Inc. at $100 each, paid immedi- ately, Check No. 9. Do not print check. Development Co. at $75 each, paid immediately, Check No. 10. Do not print check. each, and 1 desktop publishing software package for $200 on account to Long Island Water Works, Invoice No. 1011, terms 2/10, Net 30 Days. In addition, pro- vided 10 hours of Internet consulting services. Sold for $2,000 each, Invoice No. 1012, terms 2/10, Net 30 Days. In addition, provided 8 hours of web page design services Sold 1 scanner for $600 and 1 desktop publishing software package for $200 to the Singh family, Invoice No. 1013. Received payment immediately, their Check No. 901. Sold 1 computer for $2,000, 2 scanners for $600 each, and 1 HTML software package for $150 on account to Breathe Easy, Invoice No. 1014, Net 30 Days. In addi- tion, provided 12 hours of Internet consulting services. Jul. 6 2 computers on account to Miguel's Restaurant Jul. 9 Jul. 12 Jul. 13 Received full payment net of discount from Long Island Jul. 16 Purchased 5 computers on account from Computec ul. 16 Purchased 5 desktop publishing software packa Water Works for Invoice No. 1011, Check No. 125671. Computers at $1,000 each, its Invoice No. 072445. Textpro Software, Check No. 11. Do not print check. Inc. at $100 each, paid immediately, CHAPTER 5 Inventory Sold 1 computer for $2,000 and 1 desktop publishing software package for $200 to the Schneider Family Invoice No. 1015. Received payment immediately, their Check No. 899. lul. 19 Iul. 20 Sold 3 computers for $2,000 each, 3 scanners for $600 each, and 2 desktop publishing software packages for $200 each to South Shore School District, Invoice No. 1016, terms 2/10, Net 30 Days. In addition, provided 16 hours of web page design services. Jul. 26 Received full payment, no discount, from Miguel's Res Jul. 27 Received full payment, no discount, from Breathe Easy Jul. 30 Purchased 5 computers on account from Computec Jul. 30 Paid in full Computec Computers Invoice No. 068788 Jul. 30 Paid in full Scanntronix, Invoice No. 10089-30 Jul. 30 Upon reviewing the inventory, Olivia discovers one taurant for Invoice No. 1012, Check No. 4110. for Invoices Nos. 1006 (remaining balance) and 1014, Check No. 1874. Computers at $1,000 each, its Invoice No. 073111. (Check No. 12). Do not print check. (Check No. 13). Do not print check. HTML software package was damaged, through no fault of the manufacturer, and cannot be sold. Adjust the inventory on hand to remove the one HTML software package from the inventory. Inv. Adj. 1. Remit all sales tax collected to New York State, Check No. 14. Deposit all undeposited funds to the Cash-Operating account. Jul. 31 Jul. 31 Display and print the following reports for July 1, 2019, to July 31, 2019 a. Inventory Valuation Detail b. Inventory Stock Status by Item c. Purchases by Item Detail d. Sales by Item Detail e. Journal 8. f. Profit&Loss Standard June 1, 2019-July 31, 2019) g. Balance Sheet Standand b. Inventory c. Purchases by Tiem Detail d. Sales by Item Detail e. Journal F. Profit & Loss Standard (April 1, 2019-May 31, 2019) g Balance Sheet Standard Case Problem 5-2 On June 1, 2019, Olivia Chen began her business, Olivia's Web Solutions. In the first month of business, Olivia set up the office, provided web page design and Internet consulting services, and recorded month-end activity In July, the second month of business, Olivia will purchase and sell inven- tory items of computer hardware and software. For customers that pur- chase merchandise inventory, the terms of payment are 2/10, Net 30 Days. For illustration purposes, assume an 8% sales tax is charged on the sales of all inventory items. The company file includes the information for Olivia's Web Solutions as ofJuly 1, 2019. 1. Open the company file CH5 Olivia's Web Solutions.QBw. 2. At the QuickBooks Desktop Login window, in the Passuord text box 3. Make a backup copy of the company file and name it OwS5 /Your type Studentl and then click OK Namel Olivia's Web Solutions. Backup Copy and Save Company File as dialog boxes, use the file password Solutions. 4. Restore the backup copy of the company file. In both the Open name OWS5 /Your Name) Olivia's Web Solutions and enter the 5. Change the company name to OWS5 /Your Name) Olivia's Web 6. Add the following inventory items to the Item List: Type: Inventory Part Scanners tem Name/Number Description on Purchase/Sales Transactions Cost: COGS Account: Preferred Vendor: Sales Price Tax Code Scanners 300 5065 Cost of Scanners Sold Scanntronix 600 Tax-Taxable Sales 4065 Sale of Scanners 1265 Inventory of Scanners Income Account Asset Account: Type: Inventory Part Desktop Publishing Software Item Name/Number Description on Parchase/Sales Transactions Desktop Pub Publishing Software Cost: 100 CHAPTER 5 L Inventory 185 COGS Account: 5075 Cost of Desktop Pub. Software Textpro Software, Inc. 200 Tax-Taxable Sales Preferred Vendor: Sales Price: Tax Code Income Account Asset Account 4075 Sale of Desktop Pub. Soft. 1275 Inventory of Desktop Pub. Soft. Delete the following inventory item: Printers Using the appropriate window, record each of the following transactions for July: 7. Purchased 10 computers on account from Computec Computers at $1,000 each, its Invoice No. 068788. Jul. 2 Jul. 2 Purchased 20 scanners on account from Jul. 2 Purchased 10 desktop publishing software packag Jul. 2 Purchased 20 HTML. software packages from InterSoft Jul. 5 Sold 3 computers for $2,000 each, 2 scanners for $600 Scanntronix at $300 each, its Invoice No. 10089-30 from Textpro Software, Inc. at $100 each, paid immedi- ately, Check No. 9. Do not print check. Development Co. at $75 each, paid immediately, Check No. 10. Do not print check. each, and 1 desktop publishing software package for $200 on account to Long Island Water Works, Invoice No. 1011, terms 2/10, Net 30 Days. In addition, pro- vided 10 hours of Internet consulting services. Sold for $2,000 each, Invoice No. 1012, terms 2/10, Net 30 Days. In addition, provided 8 hours of web page design services Sold 1 scanner for $600 and 1 desktop publishing software package for $200 to the Singh family, Invoice No. 1013. Received payment immediately, their Check No. 901. Sold 1 computer for $2,000, 2 scanners for $600 each, and 1 HTML software package for $150 on account to Breathe Easy, Invoice No. 1014, Net 30 Days. In addi- tion, provided 12 hours of Internet consulting services. Jul. 6 2 computers on account to Miguel's Restaurant Jul. 9 Jul. 12 Jul. 13 Received full payment net of discount from Long Island Jul. 16 Purchased 5 computers on account from Computec ul. 16 Purchased 5 desktop publishing software packa Water Works for Invoice No. 1011, Check No. 125671. Computers at $1,000 each, its Invoice No. 072445. Textpro Software, Check No. 11. Do not print check. Inc. at $100 each, paid immediately, CHAPTER 5 Inventory Sold 1 computer for $2,000 and 1 desktop publishing software package for $200 to the Schneider Family Invoice No. 1015. Received payment immediately, their Check No. 899. lul. 19 Iul. 20 Sold 3 computers for $2,000 each, 3 scanners for $600 each, and 2 desktop publishing software packages for $200 each to South Shore School District, Invoice No. 1016, terms 2/10, Net 30 Days. In addition, provided 16 hours of web page design services. Jul. 26 Received full payment, no discount, from Miguel's Res Jul. 27 Received full payment, no discount, from Breathe Easy Jul. 30 Purchased 5 computers on account from Computec Jul. 30 Paid in full Computec Computers Invoice No. 068788 Jul. 30 Paid in full Scanntronix, Invoice No. 10089-30 Jul. 30 Upon reviewing the inventory, Olivia discovers one taurant for Invoice No. 1012, Check No. 4110. for Invoices Nos. 1006 (remaining balance) and 1014, Check No. 1874. Computers at $1,000 each, its Invoice No. 073111. (Check No. 12). Do not print check. (Check No. 13). Do not print check. HTML software package was damaged, through no fault of the manufacturer, and cannot be sold. Adjust the inventory on hand to remove the one HTML software package from the inventory. Inv. Adj. 1. Remit all sales tax collected to New York State, Check No. 14. Deposit all undeposited funds to the Cash-Operating account. Jul. 31 Jul. 31 Display and print the following reports for July 1, 2019, to July 31, 2019 a. Inventory Valuation Detail b. Inventory Stock Status by Item c. Purchases by Item Detail d. Sales by Item Detail e. Journal 8. f. Profit&Loss Standard June 1, 2019-July 31, 2019) g. Balance Sheet Standand