NOTE: PLEASE ATTACH EXCEL SPREAD SHEET

Set up a new company in QuickBooks using the following information. (Reminder: Save your company file to the location specified by your instructor. Use the filename: [your name] Comp Exam 1)

On January 1, 2021, you establish a law firm. Youve been offered two contracts on retainer for two local businesses. With the two contracts and walk-in clients, you think you can make your law practice a success. At the current time, you do not plan to hire any employees. Instead, you plan to perform the services yourself, at least initially until cash flow from the business can fund employee payroll.

Company Name	[your name] Comp Exam 1
Federal Tax ID	123-45-6789
Address	12 Elm Street
City	Woodbury
State	NJ
Zip	08096
Phone	856-222-3333
Industry	Legal Services
Income Tax Form	Sole Proprietor (FORM 1040)
Fiscal year starts	January 1, 2021
Checking Account	[your name] Comp Exam 1 Checking

Then, after you have set up your company, you need to add three sets of information.

First, you need to add the people you do business with. You will add the following 2 customers and 3 vendors using the following information.

Customer Name/ Company Name	Airline Transport
Address	40 George Blvd Cherry Hill, NJ 08033
Contact	Mary
Telephone	609-833-2904
Terms	Net 30

Customer Name/ Company Name	CAD Express
Address	1234 Middle Ct Haddonfield, NJ 08033
Contact	Lori
Telephone	856-556-7766
Terms	Net 30

Vendor Name/ Company Name	AA Equipment Leasing
Address	72 Long Lane Vineland, NJ 08445
Telephone	609-555-1234
Terms	Net 30

Vendor Name/ Company Name	Able Office Supplies
Address	900 Truman Blvd Marmora, NJ 08229
Telephone	609-376-1356
Terms	Net 30

Vendor Name/ Company Name	Bay Advertising Agency
Address	55 Inlet Street Ocean City, NJ 08226
Telephone	609-376-5555
Terms	Net 30

Then, you will add this information to the Services you sell.

Legal Consultation (hourly)	$120 per hour	Account: 45400
Monthly Retainer	$1000 per month	Account: 45400

Then, you will add banking information as follows: Youll need to add a Business Checking Account (current asset account, #10100). Use the numbers 123456789 as both bank account numbers and routing numbers. Your account will be named [your name] Comp Exam 1 Checking, dated 1/1/2021, with a $0 balance.

Part II

Record the following transactions in QuickBooks for the new company. (NOTE: For any transactions involving customer payments, select "Deposit" on QuickBooks to deposit the customer payment directly to the Checking account.)

Date	Transaction
01/01/2021	You invested $1,500 cash in the business (Check No. 1000).
01/01/2021	Leased office furniture for the business. Received the bill and paid one months rental ($110 check) to AA Equipment Leasing.
01/01/2021	Billed monthly retainer fees to both clients: Airline Transport and CAD Express.
01/02/2021	Purchased $150 of office supplies on account from Able Office Supplies.
01/10/2021	Paid $540 from your business checking account to United States Post Office (USPO) postage expense for mailing brochures to potential clients.
01/12/2021	Provided 2 hours of legal consultation to walk-in client. She paid cash at end of meeting today. The customer payment received was deposited directly into the Checking account.
01/15/2021	Received bill from Bay Advertising Agency for $200 of advertising expenses.
01/16/2021	Received payment from Airline Transport for monthly retainer fee as billed on 01/01/2021. Deposited check # 444 into your business checking account.
01/20/2021	Received payment from CAD Express for monthly retainer fee as billed on 01/01/2021. Deposited check #888 into business checking account.
01/25/2021	Paid $150 for the office supplies purchased from Able Office Supplies on 01/02/2021.
01/28/2021	Provided one hour of legal consultation today to walk-in client. Client paid cash. The customer payment received was deposited directly into the Checking account.

Part III

Generate the following reports using QuickBooks. Convert them to Excel.

a. Journal from January 1, 2021 to January 31, 2021.

b. Trial Balance at January 31, 2021.

c. Profit and Loss, standard, from January 1, 2021 to January 31, 2021.

d. Balance Sheet, standard, at January 31, 2021.

e. Statement of Cash Flows for January 2021.

f. Customer Balance Detail

g. Vendor Balance Detail