Complete the following Steps Chart of Accounts Work 14. Create the following new accounts in Craig's Design & Landscaping Service: Name: Professional license expense Detail Type: Other Business Expense Sub-Account: This account should be a sub-account of Taxes & Licenses NOTE: Account numbers are not used in the test drive company Name: Shrinkage and Waste Description: Account for Inventory Loss NOTE: Account numbers are not used in the test drive company Detail Type: Supplies & Materials - COGS Sub-Account: This account should be a sub-account of Cost of Goods Sold 1B. Locate the two accounts with "depreciation" in the account name. Edit one of the accounts to have the name "Depreciation expense". Edit the other account to have the name "Accumulated depreciation". HINT: Be sure to change to correct one. Look at account type/detail type to help you. Working with Sub-Customers - You get a call from David's Donuts. They have one store that is open and plan to open a second store soon. They want you to take care of the lawn and gardening work at their current and future stores. They would like all the invoices to come to one place. You decide to set up David's Donuts as a parent customer with a sub-customer for each location. 2A: Setup the parent customer - David's Donuts Enterprises Company Name David's Donuts Enterprises Display Name David's Donuts Billing Address 890 Rock Road Westside, CA 93268 Shipping Address Same as billing Tax Info: Select this customer is taxable Payment Terms Net 30 2B: Setup the first store as a sub-customer of David's Donuts Company Name David's Donuts Enterprises Display Name David's Donuts - Westside Billing Address 890 Rock Road Westside, CA 93268 Shipping Address 1201 Yummy Drive Westside, CA 93268 Is Sub-customer Select Parent: David's Donuts Bill Select Bill with Parent Tax Info: Select this customer is taxable Payment Terms Net 30 Products and Services 3. Add the following Inventory Item product Type Inventory Name Mosquito Repellent Category Pest Control Initial Qty on Hand 0 As of Date 6/1/2022 Reorder Point Leave blank Inventory Asset Inventory Asset Account Description Organic Mosquito Repellent Sales Price $25.00 Income Account Sales of Product Income Sales Tax Category Taxable - standard rate Purchasing Organic Mosquito Repellent Information Cost $13.00 Account Cost of Goods Sold New Vendor: 4. Set up the following vendor. Company Name Landscape Licensing Services Display Name Landscape Licensing Services Address 68 Testing Avenue San Diego, CA 92109 Payment Terms Net 30 Business ID 37-8910899 (select track 1099) Settings: 5. Go to the Account and Settings area and change the following settings: a. Change the company name to your own name b. Turn ON custom transaction numbers for sales forms C. Turn ON custom transaction numbers for purchase orders d. Turn OFF Pre-fill forms with previously entered content e. Turn OFF Automatically apply credits 1. Extend the time of Sign me off if inactive for to 3 hours. Transactions: 6. Record the following transactions. CAUTION - WATCH DATES CAREFULLY Transaction Date 6/1/22 6/4/22 6/4/22 6/4/22 6/4/22 6/6/22 6/7/22 Write a check from the Checking Account to Landscape Licensing Services. This is to pay for your semi-annual landscape design license. The amount of the check is $300.00 and the term is from today through the next 6 months. Check #71. Create a purchase order to Hick's Hardware for: 50 cans of Mosquito Repellent, 1 Rock Fountain and 1 Pump. PO-1005 The following customers paid via their MasterCard credit card. Travis Waldron - Invoice 1032 - $414.72 Jeff's Jalopies - Invoice 1022 - $81.00 HINT: Be sure that Undeposited Funds is selected in the Deposit to field. Deposit the credit card customer payments to the checking account. There is a 2% fee that is taken out of the credit card payments. Record the fee at the time of the deposit. Hint: Leave "received from blank. Deposit remaining items to the checking account. Receive the pump ordered on PO 1002 from Tim Philip Masonry. The bill was included with the pump. Bill # 246 for $125.00, terms Net 15. Received 1 Rock Fountain and 40 cans of Mosquito Repellent and the related bill from Hicks Hardware ordered on PO- 1005. The bill includes an additional shipping cost of $15.00 that was not on the PO. Add this to the Bill. Hint: You will have to add a new account - Freight (Cost of Good Sold Account Type: Subaccount of Cost of Goods Sold). Total Billis $660. Terms are Net 15 and Bill No. 4341. Your lawn crew performed the weekly Gardening Service (Gardening)(Qty 1) at a rate of $ 45 and 2 hours of Tree and Shrub Trimming (Trimming) at David's Donuts Westside store. You invoice them for the work on Invoice 1038. You receive the following bills in the mail: - PG&E $87.25 for monthly gas and electric. Bill 33367, Terms Net 15 - Cal Telephone $71.75 for monthly phone service. Bill N987, Terms Net 30 Mark Cho returns one of the sprinkler pipes sold to him on invoice # 1035. There was nothing wrong with it, he just did not need it for the project. You issue a Credit Memo, CM1035 for this. In the Sales Tax box - Select California 8% as the tax rate. Duke's Basketball Camp hears you have a new Mosquito Repellent spray that would be great for the outdoor basketball camps they run. They want to buy 25 cans. They are going to pay upfront with cash so you give them a 10% discount on the whole transaction (the discount bax should be listed after tax). Create Sales Receipt SR-103 and Use the California sales tax rate of 8%. Be sure the Deposit to account is undeposited Funds. As you were packing up the order for Duke's Basketball camp you found 2 cans of Mosquito Repellent that were broken. You retum them to Hicks Hardware. They issue a vendor credit for the two cans. RM4341. You are not getting great reports on the Mosquito spray. It is not as good as you hoped. You tell Hicks Hardware that you do not want the remaining cans of repellent on PO-1005. You do still want the Fountain Pump. Mark the line for the Mosquito Repellent as closed. Make a note of how many cans of repellent were left to be received. CAUTION: WATCH DATES CAREFULLY You pay the bill 4341 to Hick's Hardware, applying the credit above using check #72. 6/9/22 6/10/22 6/12/22 6/15/22 6/18/22 6/19/22 6/19/22 6/20/22 6/20/22 6/20/22 6/25/22 Received a payment from Mark Cho for the remaining balance on invoice #1035 less the credit memo. Check # 54123. Total check $309.96 Deposit all undeposited customer payments to the checking account. Make a note of the number of payments included. Pay the following bills from your Checking Account. Starting with Check # 73 CAUTION: WATCH DATES CAREFULLY PG&E - $86.44 (be sure to select the right bill) Tim Philip Masonry $125.00 Rago Travel Agency asks you to install a new sprinkler system at their office. You install the new system at the travel agency. Create invoice #1040 with the following information: - 10 Sprinkler Heads 20 Sprinkler Pipes and - 8 hours of Installation - Choose California (8%) for sales tax rate Hint: Only products sold should be taxed. Term, Net 30 You are running low on business cards and office stationary. You ordered new cards and stationary online from Quick Print using your MasterCard Account. The order totaled $125.00 and will be delivered next day. You expense this to the Stationary & Printing expense account. You learn that Kookies by Kathy has gone out business. They have one unpaid invoice for Gardening services. You will have to write this off as bad debt. You review your company policy and the policy is to use the direct method. You choose to do this via a credit memo (W01001) with the appropriate service mapped to the correct account. (Hint you may have to create a new account in your chart of accounts, a new service and a category. The category should be named "other charges" and the account and service should be reflective of what you are doing.) HINT: Use a QTY of 1 on the Credit memo and the amount in the Rate field. Apply this credit memo to the open invoice. You perform a physical inventory count. All items match your books except for the sprinkler heads. You count 13. You will need to adjust your inventory for this. Use the Shrinkage and Waste account created earlier. 6/26/22 6/30/22 6/30/22 6/30/22 Review the following information for month-end and make any journal entries that might be appropriate. 1. Since the landscape design license was for a one-half of a year you will to amortize that appropriately and account for the month's amortization of this professional license. (Journal no. Final-1) 12. Monthly depreciation on the fixed asset truck: $112.50 (Journal no. Final-2) No other month-end adjustments should be considered. Bank Reconciliation 7. Prepare the bank reconciliation using the following information: Opening Balance $5,000.00 Ending Balance $6,971.75 Reconciliation Date 6/30/22 The first 21 payments starting with $300 and ending with $2000 to Brosnahan Insurance Payments: appear on the bank statement ($4770.39). Deposits: All deposits appear on the bank statement ($6,742.14) Print the final bank reconciliation report to a pdf file. Reports to Run 8. Run the following reports. Export the reports to a pdf file and submit them to your instruc tructor 6/1/2022 Start Date 6/30/2022 End Date Journal Report for the dates listed above Balance Sheet Report for the dates listed above Profit and Loss Report for the dates listed above Customer Balance Detail report for the date range ALL DATES Accounts Payable Aging Detail report as of the End Date Listed above Inventory Valuation Summary report as of the End Date Listed above. Open Purchase Order Detail for the date range ALL DATES * Bank reconciliation from step 7 above