Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Case Problem -

On April 1, 2017, Lynn Garcia started her business, Lynn's Music Studio. Lynn began by depositing $10,000 cash in a bank account in the business name. She also contributed a piano and some guitars. The musical instruments have an outstanding note balance of $2,000 that has been assumed by the business. The cash, musical instruments, note payable, and capital have all been recorded in the opening balances of the books. For the first part of the month, Lynn set up her studio. She has now begun providing piano and guitar lessons. Piano lessons are billed at $35 per hour, and guitar lessons are billed at $30 per hour. You will record the transactions listed below for the month of April. The company file for this chapter includes the beginning information for Lynn's Music Studio along with the transaction balances from Chapter 2.

1. Open the company file CH3 Lynn's Music Studio.QBW.

2. Make a backup copy of the company file, and name it LMS3 [Your Name] Lynn's Music Studio.

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 LMS3 [Your Name] Lynn's Music Studio.

4. Change the company name to LMS3 [Your Name] Lynn's Music Studio.

5. Add the following customer to the Customer Center:

  • CUSTOMER NAME: Musical Youth Group
  • OPENING BALANCE: 0 AS OF April 1, 2017
  • COMPANY NAME: Musical Youth Group
  • First Name: Dana
  • Last Name: Thompson
  • Main Phone: 570-555-6642
  • Fax: 570-555-6700
  • Main Email: myg@emcp.net
  • INVOICE/BILL TO: 550 Marion Lane Scranton, PA 18504
  • CREDIT LIMIT: 20,000
  • PAYMENT TERMS: Net 30 Days
  • TYPE: Group

Delete the following customer: Rivera Family

6. Using the appropriate window, record the following transactions for April 2017:

Apr. 9 - Provided 15 hours guitar lessons and 10 hours piano lessons on account to Jefferson High School, Invoice No. 2001, Net 10 Days

Apr. 12 - Provided 3 hours piano lessons to the Schroeder Family, Invoice No. 2002. Received payment immediately, Check No. 478.

Apr. 13 - Provided 12 hours piano lessons to Highland School, Invoice No. 2003, Net 30 Days.

Apr. 16 - Provided 8 hours guitar lessons and 5 hours piano lessons to Twin Lakes Elementary School, Invoice No. 2004, Net 30 Days.

Apr. 16 - Provided 6 hours guitar lessons to the Patterson Family, Invoice No. 2005. Received payment immediately, Check No. 208.

Apr. 20 - Provided 5 hours guitar lessons and 7 hours piano lessons to Mulligan Residence, Invoice No. 2006, Net 30 Days.

Apr. 20 - Received payment in full from Jefferson I sigh School for Invoice No. 2001, Check No. 28759.

Apr. 23 - Provided 5 hours of piano lessons to Douglaston Senior Center, Invoice No. 2007, Net 30 Days.

Douglaston Senior Center is a new client:

  • CUSTOMER NAME: Douglaston Senior Center
  • OPENING BALANCE: 0 AS OF April 1, 2017
  • COMPANY NAME: Douglaston Senior Center
  • First Name: Herbie
  • Last Name: Richardson
  • Main Phone: 570-555-7748
  • Fax: 570-555-8800
  • Main Email: DSC@emcp.net
  • INVOICE/BILL TO: 574 S Beech Street Scranton, PA 18506
  • CREDIT LIMIT: 25,000
  • PAYMENT TERMS: Net 30 Days
  • TYPE: Group

Apr. 23 - Provided 10 hours guitar lessons and 10 hours piano lessons to the Musical Youth Group, Invoice No. 2008. Received payment immediately, Check No. 578.

Apr. 26 - Provided 15 hours guitar lessons and 10 hours piano lessons on account to Jefferson High School, Invoice No. 2009, Net 10 Days.

Apr. 26 - Received payment in full from Highland School for Invoice No. 2003, Check No. 75281.

Apr. 27 - Provided 2 hours guitar lessons for the Patel Family, Invoice No. 2010. Received payment immediately, Check No. 629.

Apr. 30 - Provided 8 hours guitar lessons and 5 hours piano lessons to Twin Lakes Elementary School, Invoice No. 2011, Net 30 Days.

Apr. 30 - Received partial payment of $145 from Mulligan Residence for Invoice No. 2006, Check No. 715.

Apr. 30 - Deposited all receipts for the month.

7. Display and print the following reports for April 1, 2017, to April 30, 2017:

a. Open Invoices

b. Customer Balance Detail

c. Customer Contact List

d. Journal

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92505946

Have any Question?


Related Questions in Accounting Basics

Question - eastern manufacturing is involved with several

Question - Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on M ...

Question - recent financial statements of general mills inc

Question - Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute Genera ...

Question - garces company offers an unconditional return

Question - Garces Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $850,000, with a cost of merchandise to Garces of $340,000. Based on past ex ...

Question - explain the process of closing the books and

Question - Explain the process of closing the books and describe the content and purpose of a post-closing trial balance.

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

Question - explain why the purchase of supplies is usually

Question - Explain why the purchase of supplies is usually recorded in the asset account rather than in an expense account. If supplies were expensed when purchased, which account should be debited and which credited at ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

Financial accounting processes assignment -assignment

Financial Accounting Processes Assignment - ASSIGNMENT DETAILS - STATEMENT OF CASH FLOWS The financial statements of Pharmacy Adelaide Ltd attached. Additional information: 1. Property, Plant and Equipment costing $141,0 ...

Assignment - all workings when appropriate must be shown to

Assignment - All workings, when appropriate, must be shown to substantiate your answers. Question 1 - Consolidation: Non-controlling interests Pepsi Ltd acquired 80% of the shares of Soda Ltd on 1 July 2015 for $115 000. ...

Question -waterway inc had net sales in 2017 of 1492600 at

Question - Waterway, Inc. had net sales in 2017 of $1,492,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $232,200 debit, and Allowance for Doubtful Account ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As