Complete the Following Steps 1. Chart of Accounts Work 1A. Create the following new account in Craigs Design & Landscaping Service: Name: Professional license expense Sub-Account: This account should be a sub-account under Taxes & Licenses Tax Form Section: Other Business Expense NOTE: Account numbers are not used in the test drive company 1B. Locate the two accounts with "depreciation" in the account name. Change the name on one of the accounts to "Depreciation expense". Change the name on the other account to "Accumulated depreciation". HINT: Be sure to change to correct one. Look at account type/detail type to help you. You don't need to move either account. Just change the name. 2. Working with Sub-Customers: You get a call from Brad's Bagels. They have one store that is open and plan to open a second store soon. They want you to take care of the lawn and gardening work at their current and future stores. They would like all the invoices to come to one place. You decide to set up Brad's Bagels as a parent customer with a sub-customer for each location. 2A: Setup the parent customer. Company Name Brad's Bagels LLC Customer Display Name Brad's Bagels 890 Rock Road Westside, CA 93268 Shipping Address Same as billing Payment Terms Net 30 Taxes Select this customer is taxable; and California (8%) for the default tax code. 2B: Setup the first store as a sub-customer of Brad's Bagels Company Name Brad's Bagels LLC Customer Display Name Brad's Bagels - Westside Is Sub-customer Select Parent: Brad's Bagels Bill Parent customer Select Bill parent customer 890 Rock Road Westside, CA 93268 1201 Yummy Drive Westside, CA 93268 Payment Terms Net 30 Tax Info: Select this customer is taxable; and California (CA) (8%) for the default tax code. NOTE: The 2nd store is not open yet so you won't add that store as a customer at this time. Products and Services 3. Add the following Inventory Item product Type Inventory Name Flying Bug Traps Category Pest Control Initial Qty on Hand 0 As of Date 1/1/2024 Reorder Point Leave blank Inventory Asset Account Inventory Asset Description Bug traps for flying insects Sales Price $35.00 Income Account Sales of Product Income Sales Tax Category Taxable - standard rate Purchasing Information Flying Bug Traps Cost $12.00 Expense Account Cost of Goods Sold New Vendor: 4. Set up the following vendor. Company Name Pest Control Licensing Services Vendor Display Name Pest Control Licensing Services 68 Testing Avenue San Diego, CA 92109 Business ID 37-8910899 (select track 1099) Payment Terms Net 15 Settings: Address Billing Address (Same as parent) Shipping Address 5. Go to the Account and Settings area and change the following settings: a. Change the Company name to your own name (Company tab) b. Turn ON Custom transaction numbers for sales forms (Sales tab) c. Turn ON Custom transaction numbers for purchase orders (Expenses tab) d. Turn OFF Pre-fill forms with previously entered content (Advanced tab) e. Turn OFF Automatically apply credits (Advanced tab) f. Extend the time of Sign me out if inactive for to 3 hours. (Advanced tab) Transactions: 6. Record the following transactions. Date Transaction 1/1/24 Write a check from the Checking Account to Pest Control Licensing Services. This is to pay for your semi-annual pest control service license. The amount of the check is $300.00 and the term is from today through the next 6 months. Check # 71. 1/1/24 Write a check from the Checking Account to Fidelity for the first monthly payment on your long-term note payable. The amount of the payment is $632.25. That amount includes the current month's interest expense of $32.25. Use check # 72. Hint: You may have to add a new account. 1/3/24 Create a purchase order PO-1005 to Hick's Hardware for: - 50 Flying Bug Traps - 25 Sprinkler Heads 1/5/24 The following customers paid via their MasterCard credit card. Travis Waldron - Invoice 1032 - $414.72 Jeff's Jalopies - Invoice 1022 - $81.00 HINT: Be sure that Undeposited Funds is selected in the Deposit to field. 1/5/24 Deposit the credit card customer payments to the checking account. There is a 2% fee that is taken out of the credit card payments. Record the fee at the time of the deposit. Hint: Leave "received from" blank. 1/5/24 Deposit remaining items to the checking account. 1/6/24 Receive the Rock Fountain ordered on PO 1002 from Tim Philip Masonry. The bill was included with the fountain. Bill # 246 for $125.00, terms Net 15. 1/9/24 Received 20 of the Sprinkler Heads and 40 Flying Bug Traps and the related bill from Hicks Hardware ordered on PO-1005. Terms are Net 15 and Bill No. 4341. 1/9/24 Your lawn crew performed the weekly Gardening Service (Gardening) (Qty 1) at a rate of $40 and 2 hours of Tree and Shrub Trimming (Trimming) at Brad's Bagels Westside store. You invoice them for the work on Invoice 1038. 1/12/24 You receive the following bills in the mail: - PG&E $91.25 for monthly gas and electric. Bill # 33367, Terms Net 15 - Cal Telephone $88.75 for monthly phone service. Bill # 987, Terms Net 30 1/12/24 Mark Cho returns one of the sprinkler pipes sold to them on invoice # 1035. There was nothing wrong with it, they just did not need it for the project. You issue a Credit Memo, CM1035 for this. In the Sales Tax box - select California 8% as the tax rate. 1/15/24 Duke's Basketball Camp hears you have a new Flying Bug Trap that would be great for the outdoor basketball camps they run. They want to buy 10 traps. They are going to pay upfront with cash so you give them a 10% discount on the whole transaction (the discount box should be listed before tax). Create Sales Receipt SR-103 and Use the California sales tax rate of 8%. Be sure the Deposit to account is Undeposited Funds. 1/18/24 As you were packing up the order for Duke's Basketball camp you found 2 of the traps were defective. You return them to Hicks Hardware. They issue you credit memo for the two traps. RM4341. 1/19/24 You are not getting great reports on the bug traps. It is not as good as you hoped. You tell Hicks Hardware that you do not want the remaining traps on PO-1005. You do still want the remaining sprinkler heads. Mark the line for the bug traps as closed. Make a note of how many bug traps were left to be received. CAUTION: WATCH DATES & PAYMENT ACCOUNT CAREFULLY 1/19/24 You pay the bill 4341 to Hick's Hardware, applying the credit above using check #73. 1/20/24 Received a payment from Mark Cho for the remaining balance on invoice #1035 less the credit memo. Check # 54123. Total check $309.96 HINT: Be sure to start from the customer record. Do not use +New. 1/20/24 Deposit all undeposited customer payments to the checking account. Make a note of the number of payments included. 1/20/24 Pay the following bills from your Checking Account. Use check # 74 CAUTION: WATCH DATES CAREFULLY AND PAYMENT ACCOUNT CAREFULLY. PG&E - $86.44 (be sure to select the right bill) 1/26/24 You are running low on business cards and office stationary. You ordered new cards and stationary online from Quick Print using your MasterCard Account. Add the vendor using Quick Print in the Vendor display name field and the Company name field. The order totaled $125.00 and will be delivered next day. You expense this to the Stationary & Printing expense account. 1/31/24 You learn that Kookies by Kathy has gone out business. They have one unpaid invoice for Gardening services. ( You will need to determine their account balance). You will have to write this off as bad debt. You review your company policy and the policy is to use the direct method. You choose to do this via a credit memo (WO1001) with the appropriate service mapped to the correct account. Hint: You will need to create the following: - New account in your chart of accounts. - New category named "Other charges" - New service. This should be Non-Taxable The account and service should be reflective of what you are doing. HINT: Use a QTY of 1 on the Credit memo and the amount in the Rate field and there is no sales tax on this write-off. Be sure to apply this credit memo to the open invoice #1016. 1/31/24 You perform a physical inventory count. All items match your books except for the sprinkler heads. You count 42. You will need to adjust your inventory for this. Use Inventory Shrinkage as the adjustment account and ADJ1 for the reference. 1/31/24 Review the following information for month-end and make any journal entries that might be appropriate. 1. Since the landscape design license was for a one-half of a year you need will to amortize that appropriately and account for the current month's amortization of this professional license. (Journal no. Final-1) 2. Monthly depreciation on the fixed asset truck: $112.50 (Journal no. Final-2) No other month-end adjustments should be considered. Reports to Run 8. Run the following reports. Export the reports to a pdf file. 1/1/2024 Start Date 1/31/2024 End Date Journal Report for the dates listed above - Be sure to run the CLASSISC version Balance Sheet Report for the dates listed above. Profit and Loss Report for the dates listed above. Customer Balance Detail Report for the date range ALL DATES. Accounts Payable Aging Detail Report as of the End Date listed above. Inventory Valuation Summary Report as of the End Date listed above. Open Purchase Order Detail Report for the date range ALL DATES. Sales by Product/Service Summary Report for the dates listed above