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Quickboosk Lesson 4

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15 views5 pages

Quickboosk Lesson 4

Uploaded by

ajmcpa4460
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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QuickBooks Online Assignment 4

This exercise will require that you use the banking feature in QuickBooks. You will write checks (but not
print) and record deposits for the month of November. You have been given the following information
related to checks issued and deposit made, and have been asked to record the information in
QuickBooks. After the information has been recorded you are to prepare and income statement for the
month of March.

Click on the Gear Icon, click on account setting and complete the follow:

The Company name is (Your Name) Tax Services Inc, located at 235 Drew Street, Laredo, Texas 78040. Tax
form is Corporation (form 1120), and the industry is Tax Preparation Services

Please note: I have purposely omitted some information that in practice you would complete.
The biggest item ignored is the detailed information on customers and vendors….we will not
input contact information (Address, phone number, etc.) for now. We will simply input the
Customer/Vendor name and click on Save….

While you do not have the payroll package, you will need to add a new employee:

Grace Perez, 325 Mines Rd Laredo, Tx 78040. Date of hired 11/05/2024 email [email protected]
Add the following accounts to your chart of accounts:
Account Name Account Type Detail Type Balance

FNB 55667 Bank Checking $0.00


Common Stock Equity Common Stock $0.00
Tax Prep Revenue Income Service/Fee Income $0.00
Office Equipment Fixed Asset Fixed Asset Furniture $0.00
Rent Expense Expense Rent or Lease Building $0.00
Supplies Other Current Prepaid Expenses
$0.00
Assets
Advertising Expense Expense Advertising/Promotional $0.00
Wages Expense Expense Payroll Expense $0.00
Auto Expense Expense
Long Term Auto $0.00
Note Payable 3251 Liability Notes Payable $0.00
Utility Expense Expense Utilities $0.00
Payroll Tax Expense Expense Payroll Tax Expenses $0.00
Payroll Tax Liabilities Other Current Payroll Tax Payable
$0.00
Liability

November Transactions

November

2 Alfonso Maldonado invested $30,000 in exchange for common stock, deposited the money
into bank account FNB 55667 Common Stock(owner investment)

3 Issued check #1000 to pay for Advertising $300. Paid RH Media Inc.

3 Issued check#1001 ,paid rent for the month $400. Issued check to Office Space LLC.
4 Issued check # 1002, Purchased supplies $350 Issued check to Sam's Wholesale Club

6 Received $500 for services provided to a customer,David Green, deposited money into bank account 55667

8 Received $1500 for services provided to a customer, Carlos Masso, deposited money into bank account 55667

10 Issued check#1003 to pay wages $800 (net pay),, Gross Pay $900, Social Security and medicare $68.85,
and income tax $31.15. Paid Grace Perez,

10 Record employer tax liabilities…… $68.85 (Journal Entry)

11 Issued check#1004 to pay for supplies $250, paid WalMart

14 Received $800 for services provided to a customer, Carlos Garcia, deposited money into bank account 55667

15 Received $1200 for services provided to a customer, Lee Martinez, deposited money into bank account 55667

18 Issued check#1005 to pay for auto expenses $150, issued check to Mobil Oil Company

20 Issued check#1006 to pay for Office Equipment, total cost $1350, issued a check for $350,down and
signed a note with ABC Finance for the difference

22 Issued check#1007 to pay for utilities $200, Issued check to Blue Mountain Energy

25 Received $1600 for services provided to a customer, Al Brown deposited money into bank account 55667

28 Issued check#1008 to pay for rents $300, issued check to Office Space LLC

30 Issued check#1009 to pay the water bill $200 paid City of Laredo Utilities
Requirements:
1 Open QuickBooks online
2 Record the transactions on QuickBooks, both checks and deposits
3 Reconcile the bank account
Prepare a bank reconciliation
4 Prepare an Income Statement for the Month ended November 30, 2024
that would be from November 1 2024 through November 30 2024
(save as pdf and email the income statement to me via canvas)
5 Print the reconcilation summary (after you complete the reconciliation, print the reconciliation
summary. The summary option is on the reconciliation page)
FIRST NATIONAL BANK #5567
STATEMENT November 30, 2024

Alfonso Maldonado
112 5th Street
Laredo, Texas

Beginning Checks & Ending


Balance Deposits Disbursements Balance

0.00 34,000.00 2,550.00 31,450.00

Deposit Check
Date Amount Date Number Amount

3-Nov 30,000.00 11/5/2010 1000 300.00


7-Nov 500.00 11/11/2010 1002 350.00
8-Nov 1,500.00 11/12/2010 1003 800.00
14-Nov 800.00 11/17/2010 1004 250.00
15-Nov 1,200.00 11/22/2010 1006 350.00
11/23/2010 1007 200.00
11/29/2010 1008 300.00

34,000.00 2,550.00

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