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Case Problem 2-1 On June 1, 2023, Olivia Chen began her business, Olivia's Web Solutions. In the first month of business, Olivia set up the

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Case Problem 2-1 On June 1, 2023, Olivia Chen began her business, Olivia's Web Solutions. In the first month of business, Olivia set up the office and began the New Company Setup procedures in QuickBooks Online. She would like to update the Chart of Accounts List. In addition, Olivia would like to record the computer system that she contributed to the company along with the outstanding note balance of $2,500 that will be assumed by the business. 1. Sign in to QuickBooks Online and select the company file EX2 [ Your Name] Olivia's Web Solutions. 2. Change the company name to OWS2 [ Your Name] Olivia's Web Solutions. 3. Use the information in Table 2-6 below to add accounts to the Chart of Accounts List. TABLE 2-6 Chart of Accounts List-Olivia's Web Soutions-New Accounts Account Type Detail Type Account Name Number Other Current Assets Inventory Inventory of HTML Software 1270 Other Current Assets Inventory Inventory of Desktop Pub. 1275 Software Other Current Assets Prepaid Expenses Office Supplies 1305 Income Sales of Product Sale of HTML Software Income 4070 income Sales of Product Sale of Desktop Pub. Income Software 4075 Cost of Goods Sold Supplies & Materials - COGS Cost of HTML Software Sold 5070 Cost of Goods Sold Supplies & Materials - COGS Inventory Adjustment 5900 4. Use the information in Table 2-7 below to edit account names and add account numbers to the Chart of Accounts List

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