2024 – On april 1 2015 lynn garcia started her business lynn s music studio as a music instructor she began
Case – 2024
On april 1, 2015 lynn garcia started her business, lynn’s music studio, as a music instructor. she began by depositing 10,000 cash in a bank account in the business name. she also contributed a piano and some gitars. the musical instruments have an outstanding note balance of 2,000, which will now be assumed by the business. the cash, musical instruments, note payable, and capital have all been recorded in the opening balances of the books. Lynn anticipates spending the beginning of the month setting up her studio and expects to provide piano and guitar lessons laer in the months. Record the transactions listed below for the month of april.
1.Open the company file CH2 Lynn’s Music Studio.QBW.
2. Make a backup copy of the company file LMS2 [Your Name] Lynn’s
Music Studio.
2-38 Chapter 2
3. Restore the backup copy of the company file. In both the Open Backup
Copy and Save Company File as windows, use the file name LMS2
[Your Name] Lynn’s Music Studio.
4. Change the company name to LMS2 [Your Name] Lynn’s Music Studio.
5. Add the following vendors to the Vendor Center:
VENDOR NAME: Pioneer Phone
OPENING BALANCE: 0 AS OF April 1, 2014
COMPANY NAME: Pioneer Phone
First Name: Customer
Last Name: Service
Main Phone: 570-555-6000
Fax: 570-555-6500
Main Email: [email protected]
BILLED FROM: 1000 Route 6
Carbondale, PA 18407
PAYMENT TERMS: Net 15 Days
VENDOR NAME: Steamtown Electric
OPENING BALANCE: 0 AS OF April 1, 2014
COMPANY NAME: Steamtown Electric
First Name: Customer
Last Name: Service
Main Phone: 570-555-2500
Fax: 570-555-3000
Main Email: [email protected]
BILLED FROM: 150 Vine Lane
Scranton, PA 18501
PAYMENT TERMS: Net 15 Days
Delete the following vendor:
Universal Electric
Edit the following vendor:
Mutual Insurance Company telephone number: 570-555-5600
6. Using the appropriate window, record the following transactions for
April 2014:
Apr. 2 Received bill for rent for the month of April from
Viewhill Realty Management, $600, paid immediately,
Check No. 1. Do not print check.
Apr. 2 Received a bill for a 1-year insurance policy on account
from Mutual Insurance Company, Invoice No. 4010102,
$1,200, Net 30 Days.
Apr. 5 Purchased furniture on account from Mills Family
Furniture, Invoice No. 1257, $2,500, Net 30 Days.
Apr. 6 Purchased a computer system on account from Computer
Town, Invoice No. X234, $3,000, Net 30 Days.
Apr. 9 Purchased music supplies on account from Strings,
Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.
vendors 2-39
Apr. 9 Received bill for tuning of piano and guitars from Tune
Tones, $100, paid immediately, Check No. 2. Tune
Tones is a new vendor:
VENDOR NAME: Tune Tones
OPENING BALANCE: 0 AS OF April 1, 2014
COMPANY NAME: Tune Tones
First Name: Tony
Last Name: Tune
Main Phone: 570-555-1111
Fax: 570-555-2222
Main Email: [email protected]
BILLED FROM: 500 Monroe Ave.
Dunmare, PA 18512
PAYMENT TERMS: Net 30 Days
Apr. 9 Purchased office supplies on account from Paper, Clips,
and More, Invoice No. 01-1599, $400, Net 30 Days.
Apr. 12 Received the telephone bill from Pioneer Phone, Invoice
No. pp401, $50, Net 15 Days.
Apr. 13 Received utilities bill from Steamtown Electric, Invoice
No. SE401, $70, Net 15 Days.
Apr. 20 Paid in full Strings, Sheets, & Such, Invoice No. 1290
(Check No. 3). Do not print check.
Apr. 23 Received a credit memo from Paper, Clips, and More,
Invoice No. CM250, $50, for office supplies returned.
Apr. 26 Paid in full Pioneer Phone, Invoice No. pp401 (Check
No. 4).
Apr. 27 Paid in full Steamtown Electric, Invoice No. SE401
(Check No. 5).
Apr. 30 Made a partial payment of $1,000 to Mills Family
Furniture (Check No. 6).
Apr. 30 Made a partial payment of $1,000 to Computer Town
(Check No. 7).
Apr. 30 The owner, Lynn Garcia, withdrew $1,000, for personal
use (Check No. 8).
7. Display and print the following reports for April 1, 2014, to April 30, 2014:
a. Unpaid Bills Detail
b. Vendor Balance Detail
c. Vendor Contact List
d. Journal
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