Yorkville University Paulas Portraits and Bobs Back Hoes Quickbooks Project Please follow the link and download this Sage for Students and ONLY DESKTOP VER

Yorkville University Paulas Portraits and Bobs Back Hoes Quickbooks Project Please follow the link and download this Sage for Students and ONLY DESKTOP VERSION . When it asks you tp choose year please choose 2019 https://www.intuit.com/ca/partners/education-program/Register with my name; which is First Name :Rachita Last Name :KulkarniThese two projects are due on Wednesday 6 pm MST BOB’S BACK HOES
STUDENT EXERCISE
Overview
In this case-study, you, the student, will set up a new service company file using the Easy Step
Interview found by clicking on Detailed Start after clicking to create a new company. As you
navigate through the Easy Step Interview, you will decide the best answers to the interview based
on the information presented here. You will also have the opportunity to practice setting up a
Chart of Accounts, and completing Journal entries, sales, Bills, and Cheques. As an extended
activity, you may be required to complete the Bank Reconciliation.
Accounting Information
Bob Brown has decided to start a business of his own, doing backhoe work for clients beginning
January 1. He will run the business from his home at 123 Any Street, Chatham, Ontario N7M 1A1.
He has obtained his Business Number and registered for Goods and Services tax. Tax rates are
GST 5%, and HST 13%
?
?
?
?
?
?
?
?
Bob will use the calendar year as his fiscal year.
His first HST quarterly report period will end March 31.
Bob will only do business in Southwest Ontario.
This is a Service Based Business with no inventory. To assist with setting up the Chart of
Accounts, choose ‘General Service-Based Business’ as the industry in the Easy Step
Interview process.
Set up a Service Item called Back Hoe Fees, Description Back Hoe Services, Default Tax
will be HST Only.
Bob Expects to invoice some Customers and collect Payment later.
Bob will sometimes buy products and services on credit and pay his vendors later.
Attached is a Chart of Accounts Bob has been given to use with his business.
QuickBooks – Assignment 2
Chart of Accounts:
Account
10500
11000
12000
13000
13010
13020
13510
13520
14990
15000
15010
15020
20000
25500
30000
32000
30800
39000
40100
60400
61000
62000
62500
63000
64000
64250
65000
65250
65500
65750
66200
66500
67000
68200
68300
68400
Type
Chequing Account
Bank
Prepaid Insurance
Other current asset
Accounts Receivable
Accounts Receivable
Home Office Equipment
Fixed Asset
Computer Equipment additions
Fixed Asset
Computer Equipment Depreciation Fixed Asset
Office Equipment Additions
Fixed Asset
Office Equipment Depreciation
Fixed Asset
Undeposited Funds
Other Current assets
Equipment
Fixed Asset
Equipment additions
Fixed Asset
Equipment depreciation
Fixed Asset
Accounts Payable
Accounts Payable
GST/HST Payable
Other Current Liability
Opening Bal Equity
Equity
Bob Brown Capital
Equity
Bob Brown Withdrawals
Equity
Retained Earnings
Equity
Back Hoe fees earned
Income
Depreciation expense
Expense
Advertising Expense
Expense
Back Hoe Equipment Rental
Expense
Back Hoe Gas & Oil
Expense
Bank fees
Expense
Insurance
Expense
Liability Insurance
Expense
Home Office Expense
Expense
Office Supplies
Expense
Utilities Expense
Expense
Telephone Expense
Expense
Professional fees
Expense
Accounting
Expense
Repairs
Expense
Taxes
Expense
Federal
Expense
Provincial
Expense
Page 2 of 5
Description
Chequing Account
Prepaid Insurance
Accounts Receivable
Home office Equipment
Computer equipment additions
Computer equipment Depreciation
Office Equipment Additions
Office Equipment Depreciation
Undeposited funds
Equipment
Equipment Additions
Equipment Depreciation
Accounts Payable
HST Payable
Opening bal Equity
Bob Brown capital
Bob Brown Withdrawals
Retained Earnings
Fees
Depreciation Expense
Advertising Expense
Back Hoe Equipment Rental
Back Hoe Gas & Oil
Bank fees
Insurance
Liability Insurance
Home Office Expense
Office supplies
Utilities Expense
Telephone Expense
Professional fees
Accounting Fees
Repairs
Taxes
Federal taxes
Provincial
QuickBooks – Assignment 2
Transactions:
On 3 January, Bob deposits $25,000 in a separate Bank Account for the Business at CIBC,
downtown branch. (Create journal Entry # 1 to Debit Chequing Account and Credit B Brown,
Capital)
Bob has decided to lease the backhoe. The monthly payment of $2,000 (plus HST) is made on the
15th day of each month to Brian’s Leasing.
The Following Transactions took place in January:
Date
Transaction
Source
3
Purchased a computer by cheque from Impact Computers $4,600
(plus HST)
Bob Contributed a ladder to the Business Valued at $400 Fair
Market value
Completed cash Job for Maple City construction, issued receipt
for $2500 (plus HST). Receive Payment in full and deposited cash
in bank.
Bob paid expenses for the business:
Telephone $198.45 (plus HST $20.00) to Telus. Overwrite
calculated HST
Electricity $430 (plus HST) to Origin Power
Chq 1
Advertising $2,000 (plus HST) to leader Papers
Chq 4
Completed Job for JP Construction, 158 Keil Drive, Chatham,
Ontario N7L1A1 (519) 555-1234. Invoiced $2000 (Plus HST),
Terms Net 30.
Completed cash job for Big Brothers Construction, issued receipt
for 4,400.00 (plus HST). Received payment in full and deposited
cash in bank.
Bob purchased office furniture on credit Inv B333 $700 (plus HST)
from Bizquip. Terms Net 30
Bob paid expenses for the business: Fuel $214(plus HST) to Echo
fuels
Insurance $600 to CUG Insurance for 12 Months liability
Insurance. Expense January Insurance and set up Prepaid
Insurance for Balance.
Bob drew $800 cash for his own use.
Invoice 201
Paid Brian’s Leasing for the lease of the backhoe.
Chq 8
4
6
7
8
11
12
15
Page 3 of 5
Journal Entry
#2
Sales Receipt
101
Chq 2
Chq 3
Sales receipt
102
Bill
Chq 5
Chq 6
Chq 7
QuickBooks – Assignment 2
Problem Statement
Step 1: You have been hired to set up a Service Company File for Bob and set up the chart of
Accounts as provided by the Consulting Accountant.
Step 2: You have been directed to complete the transactions for the first two weeks of January.
Step 3: You receive the bank statement and process the Reconciliation.
NOTE – Only complete the steps as assigned by your instructor.
Required Items for Each Step
Step 1
?
?
Create the file Bob’s Back Hoes – Your Name”. This will help distinguish your report from
the other students’ assignments.
Add, Edit, Delete or Make Inactive Accounts to match the Chart of Accounts
Step 2
?
?
Process the transactions for January (including the initial capital contribution).
Print (or create a pdf) the following reports for the period January 1-16:
? Chart of Accounts
? Income Statement
? Balance Sheet
? Journals
Step 3
?
?
Complete Bank Reconciliation using the Bank Statement dated January 16 found on the
next page
Print (or create a pdf) the following report for the Period January 1-16:
? Bank Reconciliation Detailed
Page 4 of 5
QuickBooks – Assignment 2
Bank Statement
Using the bank statement below, prepare the bank reconciliation at January 16
CIBC
Downtown
Account Name Bob’s Back Hoes
Account No 333067
Statement for January 1-16
Date
Debit
January 2 Cash/Chqs
4
0001
25,000.00
5,198.00
6 Cash/Chqs
8
0003
Credit
25,000.00 CR
19,802.00 CR
2,825.00
485.90
11 Cash/Chqs
Balance
22,627.00 CR
22,141.10 CR
4,972.00
27,113.10 CR
0002
218.45
26,894.65 CR
0007
800.00
26,094.65 CR
20.00
26,074.65 CR
600.00
25,474.65 CR
13 Bank fee
0006
Check figures:
? Net Income: $3,987.55
? Book Value of Chequing Account after bank reconciliation: $20,712.83
Page 5 of 5
PAULA’S PORTRAITS
STUDENT EXERCISE
Overview
In this case study, you, the student will set up a new company file using the Express Start
instead of the Detailed Start. You will use the Preferences Section to make Changes and
will add the needed Accounts to the Chart of accounts. You will add Items, Customers and
Vendors to the appropriate lists using Quick add.
Accounting Information
Paula Pollack has been working as a photographer for a large firm. After several requests
from friends and contacts to take pictures privately, she has decided to go into business
on her own and has registered the name Paula’s Portraits. March will be the first month
of her fiscal year and January will be the first month of her Calendar/Tax year.
Looking at her local market and her experience, Paula has identified Children’s and School
photography as her areas to specialize in. Paula will offer two packages to students:
?
?
Basic Portrait Package – 25.00 plus GST
Supersaver Portrait Package – 40.00 plus GST
These packages are sold to families in advance. The schools distribute the portrait flyer
and collect cash and cheques prior to Picture Day. This ensures that Paula receives her
payment before the photo sitting sessions.
She has rented a studio at 123 Parsons Place, Port Peter, Ontario N7L 4T4 and has taken
$30,000 of her savings and deposited it in an account for the business at the venture
Bank, Port Peter on March 1. (Use a Journal Entry to Debit $30,000 to Chequing,
Venture Bank and Credit $30,000 to P Pollack, Capital.) Paula registered for GST to be
reported quarterly, and Tax rate is GST 5%, and HST 13%
QuickBooks – Assignment 1
Problem Statement
You have been hired to set up Paula’s Portraits as a Quickbooks company file and
process the business’s activity for March 1 to March 12.
Required
1. Open a new company file. Use the Express Start option to begin entering the
company information as provided above. (Enter the Company Name as Paula’s
Portraits – Your Name.)
2. Choose Art, writing or photography as the Industry.
3. Enter Contact Information as provided above.
4. Using the preferences section make the appropriate changes to the following
screens:
a. GST/HST- Remember, Paula is register for GST/HST. She will generally pay
HST Taxes on purchases and will charge GST only on Services provided to
customers.
b. Jobs and estimates – Paula will not use Jobs or Estimates.
c. Sales and Customers – Paula will not use Sales Orders.
d. Time Tracking – Paula will not use Time Tracking.
e. Accounting – Turn off the Warn if transactions are in the past as well as
the Warn if transactions are in the future
5. Add the following accounts to the chart of Accounts
a. Chequing, Venture Bank Type- Bank
b. P Pollack, Capital
Type- Equity
c. P Pollack, Withdrawals
Type-Equity
d. Photographic equipment Type Fixed Asset
e. Photographic Supplies
Type-Expense(Sub Account – Office supplies)
f. Vehicle Expense
Type-Expense
g. Vehicle Insurance
Type-Expense ( Sub Account- Insurance Expense)
h. Equipment Insurance
Type-Expense (Sub Account – Insurance Expense)
6. Edit the following accounts:
a. Change ‘Photo and Video services Income’ to ‘Portrait Fee Income’
7. Add the following service items to the Customers Items List:
a. Basic Portrait Package- $25.00 Plus GST
b. Supersaver Portrait Package- $40.00 Plus GST
8. Process the transactions for the period of March 1 to March 12 as found on the
following page. Note: Add customers and Vendors, as needed using Quick Add
while completing transactions.
Page 2 of 4
QuickBooks – Assignment 1
9. The following transactions take place in March:
Day
Description
Source
1
Paula Pollack’s initial investment (found on page 1)
2
Purchased cameras and photographic equipment for cash
from Kodak $10,000 (Plus HST).
3
Paula took portraits of 25 kindergarten children at Little Steps
Primary School; 15 purchased the Basic Portrait Package and
10 purchased the Supersaver Portrait Package. Paula received
payment in full.
3
Create Deposit
4
Paid rent on studio to Judy-Joe Real Estate for one month
$1250 (plus GST)
Chq 1346
4
Bought photographic materials from photographic Suppliers
$2300 (Plus HST)
Chq1347
5
Paid Kwik Print for Advertising Brochures to be printed $4,200
(Plus HST)
Chq1348
6
Paula took school photos at Port Peter Primary School; 75
students purchase the Basic Portrait Package and 15
purchased the Supersaver Portrait Package. Paula received
payment in full.
7
Make deposit
7
Paid for Gas $70 (Plus HST) at the Esso station
Chq 1349
7
Bought photographic equipment on credit from Eastman Ltd
$5,000 (Plus HST) Terms Net 30
Inv E 444
8
Paid Registration and Insurance on Motor Vehicle to Vic
Roads $420 (plus HST)
Chq 1350
11
Paid for six months insurance on equipment $300 to Norfolk
Union Insurance. Expense one month’s insurance and set up
other five months in Prepaid Insurance.
Chq 1351
12
Paula drew $500 cash for her own use
Chq 1352
Page 3 of 4
Chq 1345
Sales Receipt 1
Sales receipt 2
QuickBooks – Assignment 1
10. Print the following statements as of March 12:
a. Profit and Loss Standard
b. Balance sheet Standard
c. All Journal entries
11. Check Figures:
a. Checking Account Balance: $12,101.30
b. Net Loss: $5,040.00
c. Balance Sheet Balance: $ 27,351.30
Page 4 of 4

Purchase answer to see full
attachment