in quickbooks format

Case Problems Demonstrate your knowledge of the QuickBooks features discussed in this chapter by completing the following case problems. Case Problem 2-1 On April 1, 2019, Lynn Garcia started her business, Lynn's Music Studio, as a music instructor. She began by depositing $10,000 cash in a bank account in the business name. She also contributed a piano and some gui- tars. The musical instruments have an outstanding note balance of $2,000, CHAPTER 2 Vendors 68 which will now be assumed by the business. The cash, musical instruments, note payable, and capital have all been recorded in the opening balances of the books. Lynn anticipates setting up her studio in the beginning of the month and expects to provide piano and guitar lessons later in the month. Record the transactions listed below for the month of April. 1. Open the company file CH2 Lynn's Music Studio. QBW. 2. At the QuickBooks Desktop Login window, in the Password text box, type Student and then click OK. 3. Make a backup copy of the company file and name it LMS2 [Your Name Lynn's Music Studio and enter the password. 4. Restore the backup copy of the company file. In both the Open Backup Copy and Save Company File as dialog boxes, use the file name LMS2 /Your Name Lynn's Music Studio and enter the PONSOR 5. Change the company name to LMS2 /Your Name) Lynn's Music Studio, 6. Add the following vendors to the Vendor Center VENDOR NAME Pioneer Phone OPENING BALANCE O AS OF April 1, 2019 COMPANY NAME: Pioneer Phone First Nam Customer Last Nam Service Main Phong 370-535-6000 Mobile: 570-555-6500 Main Email: piopheppi-edu.net RILLED FROM 1000 Route Carbondale, PA 18407 PAYMENT TERAIS: Net 15 Days VENDOR NAME OPENING BALANCE Steamtown Electric ASF will 7. Using the appropriate window, record the following transactions for April 2019: Apr. 2 Apr. 2 Apr. 5 Apr. 6 Apr. 9 Apr. 9 Received bill for rent for the month of April from Viewhill Realty, $600, paid immediately. Check No. 1. Do not print check. Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 4010102, $1,200, Net 30 Days. Purchased furniture on account from Mills Family Fur niture, Invoice No. 1257. $2,500, Net 30 Days. Purchased a computer system on account from Com puter Town, Invoice No. X234. $3,000. Net 30 Days. Purchased music supplies on account from Strings. Sheets, & Such, Invoice No. 1290, $500, Net 15 Days Received bill for tuning of piano and guitars from Tune Tones, $100, paid immediately. Check No. 2. Tune Tones is a new vendor VENDOR NAMES The Tones OPENING BALANCE DAS OF Apli, 2019 COMPANY NAME: The lens First Name: Last Name: Main Phone: 270- STI Mobile: 705 Main Email: TUNE pred BILLED FROM O Monroeve Date.23 18512 PAYMENT TERMS: Net Das Purchased office supplies on account from Paper Clips and More, Invoice No. 01-1599. $100, Net 30 Days Received the telephone bill from Pioneer Phone. Invoice No. pp101, $50, Net 15 Days. Received utilities bill from Steamtown Electric, Invoice No. SE401, $70, Net 15 Days Paid in full Strings, Sheets, & Such, Invoice No. 1290 (Check No. 3). Do not print check. Received a credit memo from Paper, Clips, and More. Invoice No. CM250, $50, for office supplies returned. Paid in full Pioneer Phone, Invoice No. pp101 (Check No. 4). Paid in full Stcamtown Electric, Invoice No. SE 401 (Check No. 5). Made a partial payment of $1,000 to Mills Family Furni- ture (Check No. 6). Made a partial payment of $1,000 to Computer Town (Check No. 7). The owner, Lynn Garcia, withdrew $1,000 for personal use (Check No. 8). Apr. 9 Apr. 12 Apr. 13 Apr. 20 Apr. 28 Apr. 26 Apr. 27 Apr. 30 Apr. 30 Apr. 80 Case Problems Demonstrate your knowledge of the QuickBooks features discussed in this chapter by completing the following case problems. Case Problem 2-1 On April 1, 2019, Lynn Garcia started her business, Lynn's Music Studio, as a music instructor. She began by depositing $10,000 cash in a bank account in the business name. She also contributed a piano and some gui- tars. The musical instruments have an outstanding note balance of $2,000, CHAPTER 2 Vendors 68 which will now be assumed by the business. The cash, musical instruments, note payable, and capital have all been recorded in the opening balances of the books. Lynn anticipates setting up her studio in the beginning of the month and expects to provide piano and guitar lessons later in the month. Record the transactions listed below for the month of April. 1. Open the company file CH2 Lynn's Music Studio. QBW. 2. At the QuickBooks Desktop Login window, in the Password text box, type Student and then click OK. 3. Make a backup copy of the company file and name it LMS2 [Your Name Lynn's Music Studio and enter the password. 4. Restore the backup copy of the company file. In both the Open Backup Copy and Save Company File as dialog boxes, use the file name LMS2 /Your Name Lynn's Music Studio and enter the PONSOR 5. Change the company name to LMS2 /Your Name) Lynn's Music Studio, 6. Add the following vendors to the Vendor Center VENDOR NAME Pioneer Phone OPENING BALANCE O AS OF April 1, 2019 COMPANY NAME: Pioneer Phone First Nam Customer Last Nam Service Main Phong 370-535-6000 Mobile: 570-555-6500 Main Email: piopheppi-edu.net RILLED FROM 1000 Route Carbondale, PA 18407 PAYMENT TERAIS: Net 15 Days VENDOR NAME OPENING BALANCE Steamtown Electric ASF will 7. Using the appropriate window, record the following transactions for April 2019: Apr. 2 Apr. 2 Apr. 5 Apr. 6 Apr. 9 Apr. 9 Received bill for rent for the month of April from Viewhill Realty, $600, paid immediately. Check No. 1. Do not print check. Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 4010102, $1,200, Net 30 Days. Purchased furniture on account from Mills Family Fur niture, Invoice No. 1257. $2,500, Net 30 Days. Purchased a computer system on account from Com puter Town, Invoice No. X234. $3,000. Net 30 Days. Purchased music supplies on account from Strings. Sheets, & Such, Invoice No. 1290, $500, Net 15 Days Received bill for tuning of piano and guitars from Tune Tones, $100, paid immediately. Check No. 2. Tune Tones is a new vendor VENDOR NAMES The Tones OPENING BALANCE DAS OF Apli, 2019 COMPANY NAME: The lens First Name: Last Name: Main Phone: 270- STI Mobile: 705 Main Email: TUNE pred BILLED FROM O Monroeve Date.23 18512 PAYMENT TERMS: Net Das Purchased office supplies on account from Paper Clips and More, Invoice No. 01-1599. $100, Net 30 Days Received the telephone bill from Pioneer Phone. Invoice No. pp101, $50, Net 15 Days. Received utilities bill from Steamtown Electric, Invoice No. SE401, $70, Net 15 Days Paid in full Strings, Sheets, & Such, Invoice No. 1290 (Check No. 3). Do not print check. Received a credit memo from Paper, Clips, and More. Invoice No. CM250, $50, for office supplies returned. Paid in full Pioneer Phone, Invoice No. pp101 (Check No. 4). Paid in full Stcamtown Electric, Invoice No. SE 401 (Check No. 5). Made a partial payment of $1,000 to Mills Family Furni- ture (Check No. 6). Made a partial payment of $1,000 to Computer Town (Check No. 7). The owner, Lynn Garcia, withdrew $1,000 for personal use (Check No. 8). Apr. 9 Apr. 12 Apr. 13 Apr. 20 Apr. 28 Apr. 26 Apr. 27 Apr. 30 Apr. 30 Apr. 80