Phase1IPACCT210 - 75885

Request Posted by
hdoudjim1

hdoudjim1

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Earned: $0
Request Detail
Price: $20
  • From: Business, Accounting
  • Due on: Sun 30 Nov, 2014 (10:11pm)
  • Asked on: Sat 29 Nov, 2014
  • Due date has passed, but you can still Post Solution.
Description

On December 1, 2011, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business. The newly formed company uses the following chart of accounts:

  1. Set up the new company Farm Branch Rentals in the QuickBooks software with the information in the table that follows.
  2. Set up the chart of accounts listed above; currently all accounts are going to begin with a zero balance.
  3. Run an accounts listing of the chart of accounts and save in PDF format for submission.

Name of Company:Farm Branch Rentals

Address:

201 Farm Branch Road,

Rocky Mount NC 27811

Phone Number

555-897-7752

Federal ID Number

56-4785965

Business Entity

Corporation

Web Address:

www.farmbranchrentals.com

Email:

farmbranchrentals@abc.com

 

 

Chart of Accounts

CashIncome Taxes Payable

Accounts Receivable

Common Stock

Prepaid Rent

Retained Earnings

Unexpired Insurance

Dividends

Office Supplies

Income Summary

Rental Equipment

Rental Fees Earned

Accumulated Depreciation: Rental Equipment

Salaries Expense

Notes Payable

Utilities Expense

Accounts Payable

Rent Expense

Interest Payable

Office Supplies Expense

Salaries Payable

Depreciation Expense

Dividends Payable

Interest Expense

Unearned Rental Fees

Income Taxes Expense

Dividend Expense

 

For full-credit, submit a PDF from QuickBooks showing that the following steps have been completed correctly:

  • Set up an account for the new company using QuickBooks.
  • Use December 2011 as the first accounting period for QuickBooks.
  • Revise, and set up the chart of accounts to match the chart of accounts provided by Samantha and Larry.
  • After opening the company,
    1. Click "Company" from the menu bar,
    2. Then click "Chart of Accounts" in the Company section of the Home page.
    3. Right click the account, then select "Edit Account."
    4. Run an account listing prior to saving.
    5. From the menu at the top of the window, select File & Save as PDF.
    6. Save the file as P1-IP_LASTNAME on your computer or external device.
  • Submit your PDF.
  •  
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