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Comprehensive Problem to accompany Computerized Accounting Using QuickBooks 2015 by Kathleen Villani and James B. Rosa On January 1, 2017, Jen Beck started up her business, Jen's Tennis Courts, by purchasing tennis courts that she acquired in part by signing a $40,000 mortgage note at 5% interest. At that time, Jen also purchased furniture and equipment. Jen began the business by providing tennis court services and tennis lesson services for which she charges fees. Eventually Jen began selling tennis merchandise: tennis racquets, tennis clothing, and tennis balls. Jen feels she needs someone to help her with the tennis services and sale of the merchandise and has been interviewing potential assistants. Jen recorded all transactions as they occurred each month for the first six months of business using a manual accounting system. Jen did not record month-end accounting activity or prepare financial statements because she is not familiar with those accounting procedures. Beginning July 1, 2017, Jen decided to convert the accounting records to QuickBooks. You have been retained to set up the accounting records in QuickBooks; record all monthly accounting activity for the month of July including month-end activity; and print management reports, accounting reports, and the financial statements as of the end of July. 1. Use the information below to create and set up the company file. You may use either the Detailed Start method or the Express Start method: Company: Tax ID: Address: phone: fax: email: Select your industry: Detailed Start and EasyStep Interview: Express Start: Company organization/type: First month of fiscal year: Save As: Start Date: [Your Name] Jen's Tennis Courts 17-6158789 32-05 Springfield Blvd. Bayside, NY 11364 718-555-5360 718-555-5370 jenstenniscourts@emcp.net General Product-based Business Other/None sole proprietorship January [Your Name] Jen's Tennis Courts July 1, 2017 2. If you use the QuickBooks Setup window to enter data, enter the customers (see step 11), vendors (see step 12), and items (see step 9). 3. Activate the account numbers, inventory, and sales tax features. For sales tax, use the following information: TYPE: Sales Tax Name: Description: Sales Tax Item NY Sales Tax Sales Tax QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 1 Tax Rate (%): Sales Tax Agency: phone: fax: 4. 8 NYS Dept. of Revenue 1 Washington Avenue Albany, NY 12222 518-555-1000 518-555-2000 Set up or edit the following payment terms. All other payment terms created by QuickBooks can be deleted: 2/10, Net 30 Days Net 15 Days Net 30 Days 5. Allow the software to create system default accounts by opening and closing the following windows: Create Invoices window; Enter Sales Receipts window; Enter Bills window; Item List window - New Item window - Inventory Part. 6. Customize the following accounts in the Chart of Accounts List window (Sales Income is displayed only if you used the QuickBooks Setup window to enter data): account created by QuickBooks 11000 Accounts Receivable 12000 Undeposited Funds 12100 Inventory Asset 20000 Accounts Payable 25500 Sales Tax Payable 30000 Opening Balance Equity 30800 Owners Draw 32000 Owners Equity Sales Income (Detailed Start only) 50000 Cost of Goods Sold 7. 4030 5030 Sale of Tennis Racquets Cost of Tennis Racquets Sold Delete account 47900 Sales if it is in the Chart of Accounts List. Note: 8. change to 1200 Accounts Receivable 1250 Undeposited Funds 1230 Inventory of Tennis Racquets 2010 Accounts Payable 2030 Sales Tax Payable 3010 Jen Beck, Capital 3020 Jen Beck, Drawings 3030 Accumulated Earnings If you used the Detailed Start method, additional accounts may appear. You can use these accounts and edit them to match the additional accounts you will add in step 8 below, or you can delete the additional accounts. You may need to complete the editing of the Item List in step 9 below before you can delete some of the accounts. If the payroll accounts appear, you will not be able to delete them. You can make them inactive, but it isn't necessary because you will use the payroll accounts later in this problem. Use the information below to update the Chart of Accounts List for accounts not already created and customized: Note: Some of the accounts listed below have already been created and customized. They are listed here again to display the balances. You will need the balances for step 14 (a) below. QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 2 Balances Number Name 1010 Cash - Operating 1235 1240 1300 1350 1400 1700 1725 2025 Inventory of Tennis Clothes Inventory of Tennis Balls Prepaid Insurance Prepaid Advertising Office Supplies Tennis Courts Tennis Courts, Cost (subaccount of 1700) Tennis Courts, Accum. Deprec. (subaccount of 1700) Furniture Furniture, Cost (subaccount of 1800) Furniture, Accum. Deprec. (subaccount of 1800) Equipment Equipment, Cost (subaccount of 1900) Equipment, Accum. Deprec. (subaccount of 1900) Mortgage Payable 3020 4010 Jen Beck, Drawings Tennis Court Fees Earned 4020 Tennis Lessons Fees Earned 4030 4035 4040 4100 5030 5035 5040 5900 6050 6100 6150 6270 6280 6290 6300 6350 6400 6450 7025 Sale of Tennis Racquets Sale of Tennis Clothes Sale of Tennis Balls Sales Discounts Cost of Tennis Racquets Sold Cost of Tennis Clothes Sold Cost of Tennis Balls Sold Inventory Adjustment Accounting Expense Advertising Expense Bank Service Charges Expense Deprec. Exp., Tennis Courts Deprec. Exp., Furniture Deprec. Exp., Equipment Insurance Expense Office Supplies Expense Telephone Expense Utilities Expense Interest Income (Other Income) 1750 1800 1825 1850 1900 1925 1950 QB2015 Comprehensive Problem Paradigm Publishing, Inc. Debit Credit $13,148.0 0 50,000.00 8,000.00 5,000.00 38,434.0 0 26,000.00 24,900.0 0 14,250.0 0 3,000.00 1,600.00 300.00 42.00 1,500.00 800.00 150.00 900.00 1,200.00 500.00 360.00 600.00 Page 3 7050 9. Interest Expense (Other Expense) Use the information below to update the Item List. Only inventory parts are taxable. For the inventory part items, be sure to use the date July 1, 2017. Item Name and Description non-taxable: Tennis Court Fees Tennis Lessons Fees Owner taxable: Tennis Racquets Tennis Clothes Tennis Balls 10. Rate /Sales Price Cost Qty on Hand $ 30 25 100 80 4 $ 50 40 2 20 30 25 It you used the Detailed Start method and the QuickBooks Setup window to enter data, edit the items on the Item List: Service Items: Inventory Part Items: Sales Tax Item: Note: 11. 984.00 edit account numbers and non-taxable (see step 9) edit account numbers and taxable (see step 9) edit name, description, tax rate, tax agency (see step 3) After you edit the Item List, you can delete the Inventory Asset and Cost of Goods Sold accounts in the Chart of Accounts List. Use the information below to update the Customer Center: Be sure to use the date July 1, 2017, for customers with an opening balance. CUSTOMER/ COMPANY NAME OPENING BALANCE FULL NAME Main Phone INVOICE/ BILL TO PAYMENT TERMS Bayside Youth Group $1,800 Diane Rand 718-555-4545 45-45 Bell Blvd. Bayside, NY 11364 444 Barrows Ct. Little Neck, NY 11362 158 Stone Street Bayside, NY 11364 798 Langston Street Glen Oaks, NY 11004 38-02 221st Street Bay Terrace, NY 11360 217 Locke Ave. Whitestone, NY 11357 2/10, Net 30 Days 2/10, Net 30 Days Net 30 Days Cheung Family 718-555-9725 Davis Family 718-555-4405 Grisham Family 516-555-3474 Lakeland Community Group 300 Amy James 718-555-5200 Whitestone Seniors Club 180 Joe Barley 718-555-3333 QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 4 2/10, Net 30 Days Net 30 Days Net 30 Days 12. Use the information below to update the Vendor Center: Be sure to use the date July 1, 2017, for vendors with an opening balance. VENDOR/ COMPANY NAME OPENING BALANCE FULL NAME Main Phone BILLED FROM PAYMENT TERMS Customer Service Customer Service Suzy Auria 718-555-5555 15 Main Street Flushing, NY 11354 1800 Springfield Blvd. Bayside, NY 11364 1350 Jericho Tpke. Jericho, NY 11753 Net 30 Days Customer Service Orders Dept. Dillon Van 718-555-1900 Net 30 Days Ray Vill Advertising Agency Ray Vill 212-555-4000 Sporting Goods, Inc. Purchasing Dept. Purchasing Dept. 631-555-2525 222 Main Street Flushing, NY 11354 111 Bell Blvd. Bayside, NY 11364 75 Hauppauge Road Hauppauge, NY 11788 705 Park Ave. New York, NY 10016 25 Hauppauge Road Hauppauge, NY 11788 100 Broad Hollow Rd. Melville, NY 11747 AGI Telephone Co. $ 130 Daly's Mortgage Corp. General Insurance Co. Jen Beck Local Power Company Office Supply Store Racquets, Inc. 500 Tennis Suits, Inc. 600 718-555-7500 516-555-9500 718-555-9275 631-555-7575 631-555-1234 Net 30 Days Net 30 Days Net 30 Days Net 30 Days Net 30 Days Net 30 Days Net 30 Days United States Treasury 13. If you used the QuickBooks Setup window to record customers and vendors, edit each customer and vendor to record the terms of payment. (see step 11 and step 12) 14. To complete the New Company Setup, record the following three journal entries on July 1, 2017: a. Enter the opening balances (refer to step 8 above). Use Open Bal as the Entry No. b. Make a journal entry to reverse the Uncategorized Income account, Rev. c. Make a journal entry to reverse the Uncategorized Expenses account, Rev. 15. Display and print the following reports for July 1, 2017 - July 1, 2017: a. Journal b. Trial Balance Note: 16. After you reverse the Uncategorized Income and Uncategorized Expense accounts, you can make these accounts Inactive in the Chart of Accounts List. Jen informs you that she has hired an assistant, Dave Saylor, who will begin working on July 1. a. Activate the payroll feature, if necessary, and then customize the payroll system default accounts: account created by QuickBooks 24000 Payroll Liabilities 66000 Payroll Expenses QB2015 Comprehensive Problem Paradigm Publishing, Inc. change to 2100 Payroll Liabilities 6560 Payroll Expenses Page 5 b. Create the following new general ledger accounts: Other Current Liability, Subaccount of 2100 Payroll Liabilities: 2110 Social Sec/Medicare Tax Payable 2115 FIT Payable 2120 SIT Payable 2125 FUTA Payable 2130 SUI Payable 2135 SDI Payable Expense, Subaccount of 6560 Payroll Expenses: 6565 Wages Expense 6610 Social Sec/Medicare Tax Expense 6625 FUTA Expense 6630 SUI Expense 6635 SDI Expense c. Choose the manual payroll calculations option to activate the Payroll Item List. Then edit the following payroll items on the Payroll Item List: Payroll Item Federal Unemployment Federal Withholding Medicare Company Medicare Employee Social Security Company Social Security Employee For each payroll item, do the following: accept the name listed choose the United States Treasury as the Agency to which the liability will be paid select the appropriate liability and expense accounts accept all tax rates accept all taxable compensation defaults d. Add the following to the Payroll Item List: Type: Name: Wage (Hourly Wages) Hourly Wages Type: Name: Agency for Liabilities: Identifying number: Taxable compensation: State Tax (State Withholding) NY - Withholding NYS Dept. of Revenue 17-6158789 Accept defaults Type: Name: Agency for Liabilities: Identifying number: State Tax (SDI) - State Disability NY-Disability Company/NY-Disability Employee NYS Dept. of Revenue 17-6158789 QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 6 Company rate: Employee rate: Taxable compensation: 0% .5% Accept defaults Type: Name: Agency for Liabilities: Identifying number: Company Tax Rate: Taxable compensation: State Tax (SUI) - State Unemployment NY - Unemployment Company NYS Dept. of Revenue ER - 158789 4.025% each quarter Accept defaults e. Add Dave to the Employee Center: LEGAL NAME: SOCIAL SECURITY NO: DATE OF BIRTH: GENDER: MARITAL STATUS: ADDRESS: Mobile: PAY FREQUENCY: EARNINGS -ITEM NAME: HOURLY/ANNUAL RATE: Federal Filing Status: Allowances: STATE WORKED: Tax: Tax: STATE SUBJECT TO WITHHOLDING: Filing Status: Allowances: 17. Dave Saylor 137-29-2817 05/13/1993 male single 1 Marine Way, New Hyde Park, NY 11040 516-555-0331 Biweekly Hourly Wages 10.00 single 1 NY SUI (Company Paid) SDI NY Single 1 Other Taxes: No (delete all) The following activity occurred during the month of July. Setup or create additional preferences and files when needed, and record the following transactions in the appropriate windows: Jul 2 Jul 2 Jul 2 Jul 3 Jul 3 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record it as Prepaid Insurance on payment, and then adjust it at the end of each month. Received a six-month advertising renewal from Ray Vill Advertising Agency for $900, paid immediately, Check No. 73. Jen also recorded the previous advertising as Advertising Expense, but like the insurance policy you will record it as Prepaid Advertising on payment, and then adjust it at the end of each month. Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account. Purchased $500 of office supplies on account from the Office Supply Store, their Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Office Supplies. Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 74. QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 7 Jul 4 Jul 5 Jul 5 Jul 5 Jul 6 Jul 9 Jul 9 Jul 9 Jul 9 Jul 11 Jul 12 Jul 12 Jul 12 Jul 12 Jul 13 Jul 13 Jul 13 Jul 13 Jul 13 Jul 13 Jul 13 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days. Sold 4 tennis racquets for $100 each and 4 tennis outfits for $80 each on account to the Grisham Family, Invoice No. 1151, 2/10, Net 30 Days. Received full payment from Whitestone Seniors Club, their Check No. 1587. Paid in full AGI Telephone Co., Check No. 75. Recorded the cash sales for the week for 15 hours of tennis lessons (owner) at $25 each, 32 hours of tennis court services at $30 each, and 15 cans of tennis balls at $4 each, Sale No. 551 Received the telephone bill from AGI Telephone Co., their Invoice No. 809, $150, Net 30 Days. Received payment in full net of discount from Bayside Youth Group, their Check No. 11725. If the Discount and Credits button is not displayed, in the Create Invoices window go to the Bayside Youth Group Invoice and enter 2/10, Net 30 Days in the TERMS field. Paid in full Racquets, Inc., Check No. 76. Paid in full Tennis Suits, Inc., Check No. 77. Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1152, Net 30 Days. Received full payment from Lakeland Community Group, their Check No. 6952. Purchased 7 tennis racquets at $50 each on account from Racquets, Inc., their Invoice No. TR712. Purchased 5 tennis outfits at $40 each on account from Tennis Suits, Inc., their Invoice No. TO1478. Received full payment net of discount from the Grisham Family for Invoice No. 1151, their Check No. 708. Received a credit memo for 2 tennis racquets at $50 each returned on account to Racquets Inc., Invoice No. CM-TR712. Provided 10 hours of tennis court services at $30 each on account to the Lakeland Community Group, Invoice No. 1153, Net 30 Days. Provided 6 hours of tennis court services at $30 each on account to the Whitestone Seniors Club, Invoice No. 1154, Net 30 Days. Sold 10 tennis racquets at $100 each and 10 tennis outfits at $80 each on account to Bayside Youth Group, Invoice No. 1155, terms 2/10, Net 30 Days. Recorded the cash sales for the week for 14 hours of tennis lessons (owner) at $25 each, 37 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, and 4 tennis racquets at $100 each, Sale No. 552. Created account 1020 Cash - Payroll account. Transferred $1,800 from the Cash - Operating account to the Cash - Payroll account. Created the paycheck for Dave Saylor for his first two weeks working at Jen's Tennis Courts, pay period ending July 13, 2017. Recorded the following paycheck details (if you receive messages about additional taxes, click X and Yes to close each message): QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 8 Jul 13 Jul 13 Jul 14 Jul 14 Jul 14 PAY PERIOD ENDS and CHECK DATE: BANK ACCOUNT: Check Number: July 13, 2017 1020 Cash - Payroll 101 HOURS: 80 Company Summary: Social Security Company: Medicare Company: Federal Unemployment: NY - Disability Company: NY - Unemployment: 49.60 11.60 6.40 0 32.20 Employee Summary: Federal Withholding: Social Security Employee: Medicare Employee: NY Withholding: NY Disability - Employee: 52.00 49.60 11.60 40.00 1.20 Deposited the cash receipts for the first half of the month of July. The owner, Jen Beck, withdrew $2,000 cash for personal use. Check No. 78. Memorize the transaction for payments every two weeks. Next payment is July 27, 2017. Purchased 25 cans of tennis balls at $2 each from Sporting Goods, Inc., paid immediately, Check No. 79. Received full payment from the Davis Family for Invoice No. 1150 and Invoice No. 1152, their Check No. 555. Jen was awarded the contract to provide tennis lessons to the Springfield Gardens Teen Club. There will be three levels: beginner, intermediate, and advanced. They will be provided 30 hours a week in lessons. Jen will provide 10 hours of lessons and Dave will provide 20 hours of lessons. You decide to use time-tracking for this contract. a. Enable the time-tracking feature and choose Friday as the first day of the work week. b. Add the New Customer: CUSTOMER NAME/ COMPANY NAME: FULL NAME: Main Phone: INVOICE/BILL TO: PAYMENT TERMS: Springfield Gardens Teen Club Erica Baynes 718-555-1140 150 Westgate St. Springfield Gardens, NY 11413 Net 30 Days c. Add the following three jobs to Springfield Gardens Teen Club: JOB NAME: Beginner Level Intermediate Level Advanced Level QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 9 Job Info: JOB DESCRIPTION: JOB STATUS: START DATE: PROJECTED END: (for all three jobs) To provide tennis instructions based on level. Awarded 07/14/17 07/25/17 d. On the Item List, add a New Item: TYPE: ITEM NAME/NUMBER: Description: Rate: Tax Code: Account: Jul 18 Jul 18 Jul 19 Jul 20 Jul 20 Service Tennis Lessons Fees - Assistant Tennis Lessons Fees - Assistant $20 per hour Non-Taxable Sales 4020 Tennis Lessons Fees Earned Provided 2 hours tennis lessons (owner) at $25 each and 2 hours tennis court service at $30 each on account to the Davis Family, Invoice No. 1156, Net 30 Days. Received full payment from Whitestone Seniors Club for Invoice No. 1154, their Check No. 1597. Received the utilities bill from Local Power Company and paid it immediately, Check No. 80, $200 Recorded the cash sales for the week for 16 hours of tennis lessons (owner) at $25 each, 39 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, 2 tennis racquets at $100 each, and 2 tennis outfits at $80 each, Sale No. 553. Recorded the tennis lessons hours on the weekly timesheet for the Springfield Gardens Teen Club for the first week as follows: For Jen Beck (owner): Fri 7/14 Beginner Level Intermediate Level Advanced Level Sat 7/15 Sun 7/16 Mon 7/17 Tue 7/18 2 2 2 2 2 For Dave Saylor (assistant): Fri 7/14 Beginner Level Intermediate Level Advanced Level 2 2 QB2015 Comprehensive Problem Paradigm Publishing, Inc. Sat 7/15 2 2 Sun 7/16 Mon 7/17 Tue 7/18 2 2 2 2 2 2 Page 10 Jul 22 Jul 22 Jul 25 Jul 25 Jul 27 Jul 27 Jul 27 Jul 27 Jul 27 Received full payment net of discount from Bayside Youth Group, Invoice No. 1155, their Check No. 11775. Purchased five tennis racquets at $50 each on account from Racquets, Inc., their Invoice No. TR722. Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1157, Net 30 Days. Received full payment from Lakeland Community Group, Invoice No. 1153, their Check No. 6965. Provided 10 hours of tennis court services at $30 each on account to the Lakeland Community Group, Invoice No. 1158, Net 30 Days. Provided 6 hours of tennis court services at $30 each on account to the Whitestone Senior Club, Invoice No. 1159, Net 30 Days. Sold 2 tennis racquets at $100 each and 2 tennis outfits at $80 each on account to the Cheung Family, Invoice No. 1160, 2/10, Net 30 Days. Recorded the cash sales for the week for 18 hours of tennis lessons (owner) at $25 each, 40 hours of tennis court services at $30 each, 15 cans of tennis balls at $4 each, and 2 tennis outfits at $80 each, Sale No. 554. Recorded the tennis lessons hours on the weekly timesheet for the Springfield Gardens Teen Club for the second week as follows: For Jen Beck (owner): Fri 7/21 Beginner Level Intermediate Level Advanced Level Sat 7/22 Sun 7/23 Mon 7/24 Tue 7/25 2 2 2 2 2 For Dave Saylor (assistant): Beginner Level Intermediate Level Advanced Level Jul 27 Jul 27 Fri 7/21 Sat 7/22 2 2 2 2 Sun 7/23 2 2 Mon 7/24 2 2 Tue 7/25 2 2 Created three invoices for the Springfield Gardens Teen Club: Beginner Level, Invoice No. 1161; Intermediate Level, Invoice No. 1162; and Advanced Level, Invoice No. 1163; for the period July 14, 2017 - July 25, 2017, Net 30 Days. Created the paycheck for Dave Saylor for the pay period ending July 27, 2017. Dave worked a total of 80 hours of which 40 hours were at the Springfield Gardens Teen Club (those hours will flow into the payroll from the timesheet) and 40 were at Jen's Tennis Courts (those 40 hours you must enter in the Preview Paycheck window). The paycheck details are as follows: QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 11 Jul 27 Jul 27 Jul 27 Jul 30 Jul 30 Jul 30 Jul 31 Jul 31 Jul 31 Jul 31 PAY PERIOD ENDS and CHECK DATE: BANK ACCOUNT: Check Number: July 27, 2017 1020 Cash - Payroll 102 HOURS: 80 Company Summary: Social Security Company: Medicare Company: Federal Unemployment: 49.60 11.60 6.40 NY - Disability Company: NY - Unemployment: 0 32.20 Employee Summary: Federal Withholding: Social Security Employee: Medicare Employee: NY Withholding: NY Disability - Employee: 52.00 49.60 11.60 40.00 1.20 Paid the payroll liabilities owed to the United States Treasury for the month, Check No. 103. Received the bill for the monthly mortgage payment of $425 from Daly's Mortgage Corp., paid immediately, Check No. 81. Record $265 as a reduction of the Mortgage Payable, and $160 as Interest Expense. Memorize the transaction for monthly payments. Next payment is August 27, 2017. The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 82. Recall the memorized transaction. Recorded interest earned on the Money Market, $12. (Use the Make General Journal Entries window, ENTRY NO. Int Inc.; this is not an adjusting entry.) Paid Office Supply Store, their Invoice No. 285, Check No. 83. Paid Racquets, Inc., their Invoice No. TR712 and Invoice No. CM-TR712, Check No. 84. Note: In the Pay Bills window, after selecting Racquets, Inc., Ref. No. TR712, click the Set Credits button to select the $100 CM-TR712, and then click Done. Paid all sales tax owed to NYS Dept. of Revenue for the month, Check No. 85. Deposited the cash receipts for the second half of the month of July. Transferred $5,000 from the Cash - Operating account to the Money Market account. Submit and record your bill for the accounting services for the month to set up the records for Jen's Tennis Courts in QuickBooks; to record the transactions for the month of July; to record month-end activity; and to print the management reports, accounting reports, and the financial statements up to July 31, 2017. Fee for services rendered: $2,000, your Invoice No. JTC0731. Create a vendor: [Your Name] Accounting Services, Net 30 Days. QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 12 18. You are reviewing the invoices for Springfield Gardens Teen Club before you send them, Invoices No. 1161, 1162, and 1163. You think the presentation of the invoices can be improved. Create a new invoice design using the Intuit Service Invoice as the template. Name the invoice Job Invoice. Display and print the columns in the following order: 1. 2. 3. 4. 5. 19. Item Service Date Quantity Rate Amount Prepare the bank reconciliation for the Cash - Operating account. a. The balance on the bank statement as of July 31, 2017 was $3,394.92. b. There was a service charge of $15.00. c. Check Nos. 83, 84, and 85 were outstanding d. A check for $762.05 included in the July 13, 2017 deposit bounced. Create an NSF item on the Item List: TYPE: Item Name/Number: Description:: Tax Code: Account: Other Charge NSF non-sufficient funds Non-Taxable Sales 1010 Cash - Operating e. Print the Bank Reconciliation Detail Report. 20. Display and print the following reports for July 1, 2017 - July 31, 2017: a. Journal b. Trial Balance 21. Record the following adjusting journal entries for July 31, 2017. Number the adjusting journal entries AJE1, AJE2, and so on: a. Record one month of insurance expense. b. Record one month of advertising expense. c. Office supplies on hand totaled $420. d. Depreciation for the Tennis Courts for the six months ending July 31 is $1,500. e. Depreciation for the Furniture for the six months ending July 31 is $450. f. Depreciation for the Equipment for the six months ending July 31 is $600. g. A review of the inventory reveals that two tennis outfits were damaged and needed to be discarded. Adjust the inventory account. Use Inv Adj as the reference. 22. Display and print the following reports for July 1, 2017 - July 31, 2017: a. Customer Balance Detail b. Vendor Balance Detail c. Inventory Valuation Detail d. Payroll Transaction Detail e. Profit & Loss by Job. Filter the report by Name, then choose Springfield Gardens Teen Club. f. Journal Report (July 31 - July 31, 2017). Filter the report, using Transactions Type, then Multiple Transaction Types, to display only the adjusting journal entries (Journal) and the inventory adjustment (Inventory Adjustment). g. Adjusted Trial Balance QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 13 h. Profit & Loss Standard (January 1, 2017 - July 31, 2017) i. Balance Sheet Standard (July 31, 2017) 23. Make a backup copy of the company file on a removable storage device and store it in a safe place. QB2015 Comprehensive Problem Paradigm Publishing, Inc. Page 14