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Setting Up Yout Business's Accounting System Chapter 6 Assignment 2 CREATING A NEW COMPANY: CENTRAL COAST CELLULAR Van Morrison would like to use QuickBooks Accountant

Setting Up Yout Business's Accounting System\ Chapter 6 Assignment 2\ CREATING A NEW COMPANY: CENTRAL COAST CELLULAR\ Van Morrison would like to use QuickBooks Accountant for his new company, Central Coast Cellular. You choose to use QuickBooks Accountant EasyStep Interview. The company's federal tax ID is 7 -9418745 . The company is located at 950 Higuera St., San Luis Obispo, CA 93401' The company's phone number is

805-555-9874

, and its fiscal and tax year begins in January 2014. The company's main business is cellular phone sales and rentals (which will not be done online), but it also earns revenue by consulting with customers on alternative cellular phone plans. Choose Professional Consulting as the Industry for this company. The company is organized as a sole proprietership selling both products and services. Sales tax at

8%

is collected on all products and services and then paid to the State Board of Equalization. (Hint: Be sure to create a tax item.) No estimates are used, but sales receipts are used to record cash sales and invoices to record credit sales. Customer frilling statements may be used to remind customers of monthly balances owed. Progress billjng is not used, but Van wants to keep track of bills that he owes. All checks are handwritten, inventory needs to be tracked, and credit cards are accepted. Van does plan on keeping time records for his hourly W-2 employees. He will use accounts (but not account numbers) starting on

(1)/(1)/14

, at which time he plans to establish a checking account with a local bank. In addition to the recommended income and expense accounts, Van would like to have a Product Sales (Type: Income) account.\ Change the preferences in QuickBooks Accountant as follows: Set QuickBooks Accountant to move between fields after pressing the Enter key. Set dates to a two-digit year format. Enable reports and graphs to refresh automatically. Enable manual payroll features.\ Set up the following customers:\ Tribune, 3825 S. Higuera St., San Luis Obispo, CA 93401, 805-781-7800, Terms: Net 30, Contact: Sara Miles, Subject to state sales taxes.\ City of San Luis Obispo, 990 Palm Street, San Luis Obispo, CA 93401, 805781-7100, Terms: Net 30, Contact: Robert Preston, Subject to state sales taxes.\ Sterling Hotels Corporation, 4115 Broad Street, Suite B-1, San Luis Obispo, CA 93401, 805-546-9388, Terms: Net 30, Contact: Monica Flowers, Subject to state sales taxes.\ Set up the following vendors:\ Verizon Communications, 1255 Corporate Drive, Irving, TX 75038, 972507-5000, Terms: Net 30, Contact: Francisco Rojas.\ Nokia Mobile Phones, 23621 Park Sorrento Road, Suite 101, Calabasas, CA 91302, 818-676-6000, Terms: Net 30, Contact: Brandy Parker.\ Ericsson, Inc., 740 East Cambell Road, Richardson, TX 75081, 972-5830000, Terms: Net 30, Contact: Monty Python.\ Employment Development Department (EDD).

Chapter 6 Assignment 2 CREATING A NEW COMPANY: CENTRAL COAST CELLULAR Van Morrison would like to use QuickBooks Accountant for his new company, Central Coast Cellular. You choose to use Quick Books Accountant EasyStep Interview. The company's federal tax ID is 77-9418745. The company is located at 950 Higuera St., San Luis gbispo, CA 9340 . . The company's phone number is 805-555-9874, and its fiscal and tax year begins in January 2014. The company's main business is cellular phone sales and rentals (which will not be done online), but it also earns revenue by consulting with customers on alternative cellular phone plans. Choose Professional Consulting as the Industry for this company. The company is organized as a sole proprietorship selling both productesind services. Sales tax at 8% is collected on all products and services and then paid to the State Board of Equalization. (Hint: Be sure to create a tax item.) No estimates are used, but sales receipts are used to record cash sales and invoices to record credit sales. Customer billing statements may be used to remind customers of monthly balances owed. Progress billing is not used, but Van wants to keep track of bills that he owes. All checks are handwritten, inventory needs to be tracked, and credit cards are accepted. Van does plan on keeping time records for his hourly W-2 employees. He will use accounts (but not account numbers) starting on 1/1/14, at which time he plans to establish a checking account with a local bank. In addition to the recommended income and expense accounts, Van would like to have a Product Sales (Type: Income) account. Change the preferences in QuickBooks Accountant as follows: Set QuickBooks Accountant to move between fields after pressing the Enter key. Set dates to a two-digit year format. Enable reports and graphs to refresh automatically. Enable manual payroll features. Set up the following customers: - Tribune, 3825 S. Higuera St., San Luis Obispo, CA 93401, 805-781-7800, Terms: Net 30, Contact: Sara Miles, Subject to state sales taxes. - City of San Luis Obispo, 990 Palm Street, San Luis Obispo, CA 93401, 805781-7100, Terms: Net 30, Contact: Robert Preston, Subject to state sales taxes. - Sterling Hotels Corporation, 4115 Broad Street, Suite B-1, San Luis Obispo, CA 93401, 805-546-9388, Terms: Net 30, Contact: Monica Flowers, Subject to state sales taxes. Set up the following vendors: - Verizon Communications, 1255 Corporate Drive, Irving, TX 75038, 972 507-5000, Terms: Net 30, Contact: Francisco Rojas. - Nokia Mobile Phones, 23621 Park Sorrento Road, Suite 101, Calabasas, 91302, 818-676-6000, Terms: Net 30, Contact: Brandy Parker. - Ericsson, Inc., 740 East Cambell Road, Richardson, TX 75081, 972-5 0000, Terms: Net 30, Contact: Monty Python. Employment Development Department (EDD). Chapter 6 Assignment 2 CREATING A NEW COMPANY: CENTRAL COAST CELLULAR Van Morrison would like to use QuickBooks Accountant for his new company, Central Coast Cellular. You choose to use Quick Books Accountant EasyStep Interview. The company's federal tax ID is 77-9418745. The company is located at 950 Higuera St., San Luis gbispo, CA 9340 . . The company's phone number is 805-555-9874, and its fiscal and tax year begins in January 2014. The company's main business is cellular phone sales and rentals (which will not be done online), but it also earns revenue by consulting with customers on alternative cellular phone plans. Choose Professional Consulting as the Industry for this company. The company is organized as a sole proprietorship selling both productesind services. Sales tax at 8% is collected on all products and services and then paid to the State Board of Equalization. (Hint: Be sure to create a tax item.) No estimates are used, but sales receipts are used to record cash sales and invoices to record credit sales. Customer billing statements may be used to remind customers of monthly balances owed. Progress billing is not used, but Van wants to keep track of bills that he owes. All checks are handwritten, inventory needs to be tracked, and credit cards are accepted. Van does plan on keeping time records for his hourly W-2 employees. He will use accounts (but not account numbers) starting on 1/1/14, at which time he plans to establish a checking account with a local bank. In addition to the recommended income and expense accounts, Van would like to have a Product Sales (Type: Income) account. Change the preferences in QuickBooks Accountant as follows: Set QuickBooks Accountant to move between fields after pressing the Enter key. Set dates to a two-digit year format. Enable reports and graphs to refresh automatically. Enable manual payroll features. Set up the following customers: - Tribune, 3825 S. Higuera St., San Luis Obispo, CA 93401, 805-781-7800, Terms: Net 30, Contact: Sara Miles, Subject to state sales taxes. - City of San Luis Obispo, 990 Palm Street, San Luis Obispo, CA 93401, 805781-7100, Terms: Net 30, Contact: Robert Preston, Subject to state sales taxes. - Sterling Hotels Corporation, 4115 Broad Street, Suite B-1, San Luis Obispo, CA 93401, 805-546-9388, Terms: Net 30, Contact: Monica Flowers, Subject to state sales taxes. Set up the following vendors: - Verizon Communications, 1255 Corporate Drive, Irving, TX 75038, 972 507-5000, Terms: Net 30, Contact: Francisco Rojas. - Nokia Mobile Phones, 23621 Park Sorrento Road, Suite 101, Calabasas, 91302, 818-676-6000, Terms: Net 30, Contact: Brandy Parker. - Ericsson, Inc., 740 East Cambell Road, Richardson, TX 75081, 972-5 0000, Terms: Net 30, Contact: Monty Python. Employment Development Department (EDD)