Quickbooks

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 affixed 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.

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