Quickbooks

Mar 1 You invest a $12,000 cash (which was deposited in the checking account) and furniture valued at $5,000 into the business. Record this with a General Journal entry. Hint: remember that you are recording this from the business perspective, not from your personal perspective the business is receiving this cash and furniture!

Mar 2 Issued check #1 for $250 for a business license fee, payable to the City of Claims. Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 3 Purchased a $10,000 computer system. We didnt pay cash for this computer system, but instead financed it by issuing a short-term promissory note. Record with a General Journal entry. Hint: use the sub account, and not the parent account for the debit.

Mar 4 Issued check #2 for $2,000 to Landlord Lucy. Add her as a vendor, being sure to select the correct prefill account when adding the vendor. Of this $2,000 total, $800 is to pay the current months rent and $1,200 is to pay a security deposit (hint: this $1,200 portion is considered a prepayment of rent.) Select your accounts carefully!

Mar 5 Issued check #3 for $3,600 for a one-year insurance premium, payable to Ingas Insurance. Add her as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 6 Received invoice #337 for $250 for a professional subscription from the Law Review. Add them as a vendor, terms 2/10, n/30. Be sure to select the correct prefill account when adding the vendor.

Mar 7 Issued check #4 for $380 for a newpaper ad, payable to Als Advertising. Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 7 Issued check #5 for $645 to Office Ollie. Apply it to the beginning balance. Although QuickBooks may indicate that a discount can be taken, actually no discount can be taken on this payment, as the original bill was incurred in early February.

Mar 8 Received invoice #196 from Rays Rentals for $450 for the current months rent on a labeling machine.

Mar 9 Issued check #6 to the Law Review as payment in full of invoice #337.

Mar 10 Issued check #7 for $250 to have carpets in the office cleaned. Make the check payable to yourself, as you cashed the check and then gave the cash to the carpet cleaner. Add you as a vendor, using the company address. Hint: dont use Miscellaneous Expense account this is a maintenance activity.

Mar 10 Performed legal services for Ambulance Chaser Al. These services consisted of 50 hours of legal services AND 3 hours of court time. We issue him invoice #1.

Mar 11 Performed 4 hours of legal services for Clumsy Carl, issuing invoice #2.

Mar 11 Received invoice #4680 from Wallys Water World for $150 for our monthly water bill. Add them as a vendor, terms 2/10, n/30

Mar 12 Performed 80 hours of legal services for Litigation Lucy. She pays us immediately in full with her check #9834 (hint: so this was not an accounts receivable to us at all!) Add her as a customer, terms n/30.

Mar 12 Issued check #8 for $1,200 for office supplies, payable to Office Ollies. (Hint: use GOOD ACCRUAL ACCOUNTING for all purchases of supplies!!! When you buy supplies, they are what to you? When you use up supplies (later), they then will become what to you?)

Mar 13 Issued check #9 for $2,500, payable to Business Best. This is a payment on the promissory note (the promissory note we issued on March 3 for purchase of computer equipment.) Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 14 Received check #2636 for $2,100 from Ambulance Chaser Al, on account. Apply $575 to his beginning balance, then apply the rest to invoice #1. Dont even think of writing off the underpayment now or on any future customers!!

Mar 15 Deposited the check from Litigation Lucy (received 3/12) and Ambulance Chaser Al (received 3/14.) Total deposit was $10,100.

Mar 16 Issued check #10 for $1,450 for her bi-weekly salary to Patty Paralegal. Now Patty is our office paralegal, so she really is our employee. But since we havent covered payroll yet in this course, we are going to pretend she is a vendor instead. Add her as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 16 Performed 12 hours of legal services for Litigation Lucy, issuing invoice #3.

Mar 17 Issued check #11 to Rays Rental for full payment of invoice #196.

Mar 18 You took a withdrawal of $1,500 from the practice, issuing check #012, payable to yourself.

Mar 18 Performed 4 hours of legal services for Lawsuit Larry, issuing invoice #4. Add him as a customer, terms n/30.

Mar 19 Received check #360 for $225 from Lawsuit Larry on account. Apply the payment to invoice #4.

Mar 20 Received invoice #EE95 from Electric Ed for $275 for the monthly electricity bill. Add him as a vendor, terms n/30. Be sure to select the correct prefill account when adding the vendor.

Mar 21 Issued check #13 to Toner Tom for $675 for leasing a copy machine for three months (hint: this is being paid in advance!) Add him as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 22 Received check #611 from Ambulance Chaser Al for $2,750. Apply the payment to invoice #1.

Mar 23 Deposited the check from Lawsuit Larry (received 3/19) and Ambulance Chaser Al (received 3/22.) Total deposit was $2,975.

Mar 24 Issued check #14 for $600 for a newspaper ad, payable to Nosey News. Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 25 Performed 10 hours of court time for Mortgage Marty, issuing invoice #5. Add him as a customer, terms n/30.

Mar 26 Issued check #15 to the Wallys Water World as payment in full of invoice #4680.

Mar 27 Issued check #16 for $200 to Electric Ed, in partial payment of invoice EE95.

Mar 28 Issued check #17 for $125 for the monthly telephone bill, payable to Wireless Wizards. Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 29 Issued check #18 for $88 for postage, payable to Stamps-R-Us. Add them as a vendor, being sure to select the correct prefill account when adding the vendor.

Mar 30 Mortgage Marty paid us $525 (we received his check #69.) Apply this to invoice #5.

Mar 31 Deposited the check from Mortgage Marty (received 3/30.) Total deposit was $525.