Bank Checking Checking $25,000\mathrm{.}0012/31/23$

Current Asset Prepaid Prepaid Expenses $3,000\mathrm{.}0012/31/23$

Current Assets Undeposited Undeposited $12/31/23$

Current Assets Other Asset Supplies $12/31/23$

Current Assets Accounts Receivable Accounts Receivable $-$Blondie$$s Boards $5,000\mathrm{.}0012/31/23$

Current Assets Inventory Inventory $12/31/23$

Fixed Assets$*$ Furniture & Fixtures Original cost $40,000\mathrm{.}0012/31/23$

Fixed Assets$*$ Furniture & Fixtures Depreciation $10,000\mathrm{.}0012/31/23$

Current Liabilities Accounts Payable Account Payable $4,500\mathrm{.}0012/31/23$

Long$-$Term

Liabilities Notes Payable Notes Payable $50,000\mathrm{.}0012/31/23$

Equity Capital Your Name Capital $8,500\mathrm{.}0012/31/23$

$*$When entering a new fixed asset, place a check in the Track depreciation of this asset check box to reveal original cost and Depreciation text boxes. Enter amounts from above as positive numbers.

$3.$ Create two new products and one new service item as follows:

Products

i$)$ Name$/$Description $$ Rook $15,$ initial quantity $12/31/2310,$ inventory asset account $$ Inventory Asset $($this account will automatically be created in the chart of accounts when you add this product$),$ price $$ $$650,$ cost $$ $$400,$ income account $$ Sales, expense account $$ Cost of Goods Sold

ii$)$ Name$/$Description $$ The Water Hog, track quantity, initial quantity $12/31/238,$ inventory asset account $$ Inventory Asset, price $$ $$860,$ cost $$ $$500,$ income account $$ Sales, expense account $$ Cost of Goods Soldb. Service$$Name$/$Description $$ Consulting, rate $$ $$25,$ income account $$ Services.

iii$)$ Name Blondie$$s Boards $($new customer$)$ Channel Islands $($new vendor$)$

Add some operating activities $($sales and cash receipts$)$ to your company. $($All transaction has no tax. Use tax exempt$)$

$1.$ Add a new customer $$ Name: Sarah Hay, Company: Hey Hays Surf, Display name as: Sarah Hay, Address: $230$ Beach Way, La Jolla, CA$,92039.$

$2.$ Add a new service $$ Tune$-$Up$,$ rate: $$85\mathrm{.}00,$ income account: Services.

$3.$ Add a new product $$ Fred Rubble, initial quantity on hand: $0,$ as of date: $1/1/24,$ Inventory asset account: Inventory Asset, price: $$950\mathrm{.}00,$ cost: $$600\mathrm{.}00,$ income account: Sales, expense account: Cost of Goods Sold.

$4.$ Record a new sales receipt on $1/3/24$ Customer: Blondie$$s Boards, payment method: Check, reference no$.$: $893,$ deposit to: Undeposited Funds $($add this new current asset account$),$ product: Rook $15,$ quantity: $2.$

$5.$ Record a new invoice on $1/4/24$ Customer: Sarah Hay, terms: Net $30,$ service: Tune$-$Up$,$ quantity: $2,$ product: The Water Hog, quantity: $1.$

$6.$ Record a new cash payment received on $1/5/24$ Customer: Blondie$$s Boards, payment method: Check, reference no$.$: $984,$ deposit to: Undeposited Funds, amount received: $$5,000\mathrm{.}00.($Be sure to place a check in the Journal Entry #$1$ check box.$)$

$7.$ Record a deposit made on $1/8/24$ to the checking account $$ Received from: Blondie$$s Boards, amount received: $$1,300\mathrm{.}00,$ related to: Sales Receipt.

Add some operating activities $($purchases$,$ credit card charges, and cash payments$)$ to your company.

$1.$ Add a new vendor $$ Stewart Surfboards, $2102$ S El Camino Real, San Clemente, CA $92672,$ terms: net $30.$

$2.$ Add a new vendor $$ Village Travel, $100$ S El Camino Real, San Clemente, CA $92672,$ terms: due on receipt.

$3.$ Add a new vendor $$ Office Depot, $101$ Main St$.,$ San Diego, CA $92600,$ terms: due on receipt.

$4.$ Add a new tracked product $$ Name$/$description: California Nose Rider, initial quantity on hand: $0,$ As of date: $01/02/24,$ inventory asset account: Inventory Asset, price: $3,200\mathrm{.}00,$ cost: $1,700\mathrm{.}00,$ income account: Sales, expense account: Cost of Goods Sold.

$5.$ Add a new tracked product $$ Name$/$description: $808,$ initial quantity on hand: $0,$ As of date: $01/02/24,$ inventory asset account: Inventory Asset, price: $2,700\mathrm{.}00,$ cost: $1,500\mathrm{.}00,$ income account: Sales, expense account: Cost of Goods Sold.

$6.$ Record a new purchase order for products on $1/2/24$ Vendor: Channel Islands, product $1$: Fred Rubble, QTY: $5,$ product $2$: Rook $15,$ QTY: $4,$ product $3$: The Water Hog, QTY: $1.$

$7.$ Record a new purchase order for products on $1/3/24$ Vendor: Stewart Surfboards, product $1$: $808,$ QTY: $2,$ product $2$: California Nose Rider, QTY: $1.$

$8.$ Record a new bill based on a purchase order #$1001$ on $1/5/24$ Vendor: Channel Islands, terms: Net $30$

$9.$ All items ordered were received.

$10.$ Record a new bill without a purchase order on $1/8/24$ New vendor: San Diego Gas & Electric, terms: Net $15,$ category: Utilities, amount: $145\mathrm{.}00.$

$11.$ Record a new bill without a purchase order on $1/9/24$ New vendor: Prime Properties, terms: Net $15,$ category $1$: Rent or Lease, amount: $2,500\mathrm{.}00,$ category $2$: Prepaid Expenses, amount: $5,000\mathrm{.}00.$

$12.$ Pay all bills due to Channel Islands on $1/19/24$ using the checking account and starting with check no$.1001.$

$13.$ Record a credit card charge on $1/10/24$ vendor: Village Travel, using credit card: VISA, category: Travel, amount: $1,800\mathrm{.}00.$

$14.$ Record check on $1/11/24$ no$.$: $1002,$ vendor: Office Depot, amount: $375\mathrm{.}00,$ account: Supplies Asset GIVE BALANCE SHEETS AND TIRAL BALANCE AND JOURNAL $ON$ THE QBO