Quickbooks Desktop

Instructions:

Create a new company

Company name: Your name corporation

Address: Your address

Company type: Professional consulting services

Create new accounts as required for the transactions, for example, computer purchase needs to create a fixed asset account.

Create an item CONSULTING FEE and linked with the consulting income as it is your revenue

TRANSACTIONS

At the opening on January 01, 2020,

Owner (you) opened a bank account and deposit $ 20,000 at TD bank.

Purchased a computer for business in cash from Best buy @ 1000 + HST

Purchased furniture from Leon Co. on account for 5000 + HST

Owner take loan from Credit union 10,000, interest rate 5% and deposited in TD account

Paid rent to Mr. X for the month of January 2020, $ 2000 + HST.

SD1:BillDated February 2, 2020

Bill #OO-520 received from Office Outfitters, $500.00 plus $65.00 HST for paper, printer cartridges and other office supplies purchases.The bill totals $565. Terms Net 20 days.

SD2: Invoice Dated February 2, 2020

To AIM International, sales consulting services for $1000 + HST in account.Reference Invoice # 1000.

SD3: Customer PaymentDated February 3, 2020

From AIM, cheque #793 for $ 565 in payment of account.Reference Invoice #1000.Cheque held for deposit.

SD4:BillDated February 3, 2020

Bill #KC-701 received from Keep It Clean, $150.00 plus $19.50 HST for weekly cleaning of office.The bill totals $169.50.Terms Net 15 days.Memorize the transaction with weekly reminders starting February 10, 2014.

SD5:Pay BillDated February 4, 2020

To Keep It Clean, $150.00 in payment of account.Reference Bills #KC-701.Cheque #245.

SD6:Invoice Dated February 4, 2020

Invoice #3119 to Reality Unlimited (Set up new customer as follows) for consultation on their new project.

Consulting fee 900.00

+ HST 13%111.00

Terms: Net 15 days

Reality Unlimited

783-C Burbank DriveOttawa, ONK6T 1P4

Contact:Guy Smiley

Phone: (613) 753-2873

Fax: (613) 7..y@realityu.ca

Tax Code:HST

Terms Net 15

Credit Limit: $10,000

Pay by:Cheque

SD7:Write check Dated February 4, 2020

To Faces Inc., $805.00 + HST cash payment for repairing service. Reference Bi #F-4910.Assign Cheque #246.

SD8:Create Sales Receipt #34Dated February 5, 2020

To Cash Sales customers

Payment Method:Cash

Consulting Fee$1,140.00 + add HST

Memorize the transaction with weekly reminders starting February 12, 2020.

SD9:Memo #1Dated February 5, 2014

From Partners:Deposit all cheques and cash held for weekly deposit to the Bank Cheque account.

SD10: Bank Debit Memo #CB-4732Dated February 6, 2020

From Bank:Cheque # 793 for $ from AIM International for invoice #1000 was returned as NSF. The bank charged $25.00 as an NSF fee.Create invoice #3120 to record the returned cheque and NSF charges. No taxes are charged on these amounts. Invoice total $ 580.Terms:Due on Receipt.

SD11: Sales receipts Dated February 8, 2020

From ODSB, sales $3800.00 = HST and received cash for service provided.

SD12: Write ChequeDated February 8, 2020

To pay for cash purchase received with Bill #SU-3462 from Spaces-R-Us (use QuickAdd for the new Vendor) for $250.00 plus $32.50 HST for a storage unit to hold extra equipment.The bill total of $282.50 is paid in full with Cheque #247. (Create new expense account Storage Fees).

SD 13:BillDated February 14, 2020

Bill #DM-55 received from Direct Marketing (Setup new vendor), $200.00 plus $26.00 HST for an internet marketing campaign. The bill totals $226.00.Terms Net 20 days.

Direct Marketing

2753 Telegraph Rd, Ottawa ONK3Y 4S6

Contact:Dean Chatter

Phone:(613) 753-9135

Fax:(613) 753-0962

Email: d..r@dmnow.com

Terms:Net 10

Credit Limit: $2,000

Business Number: 289 532 733

SD14: Memo #2Dated March 9, 2020

From Partners:Make HST return for the period of January to March 2020 and write check to receiver general if any due. Chk # 1324.

SD 15: Memo #2Dated March 9, 2020

From Partners:Pay loan to credit union bank for February instalment 1000 from TD account.

1.Prepare the Trial Balance as of February 28, 2020.

Prepare the Profit and Loss Standard from Jan 1 to March28, 2020.