Case Problems Case Problem 1 On April 1 2014 Lynn Garcia started her business of Lynns Music Studio. Lynn began by depositing $10000 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 $2000 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 Lynns Music Studio along with the transactions recorded in chapter 2. 1. Open the company file CH3 Lynns Music Studio.QBW. 2. Make a backup copy of the company file and name it LMS3 [Your Name] Lynns 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] Lynns Music Studio. 4. Change the company name to LMS3 [Your Name] Lynns Music Studio. 5. Add the following customer to the Customer Center: CUSTOMER NAME: Musical Youth Group OPENING BALANCE: 0 AS OF April 1 2015 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: 20000 PAYMENT TERMS: Net 30 Days TYPE: Group Delete the following customer: Rivera Family 6. Using the appropriate window record the following transactions for April 2015: 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 High 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 2015 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 customers 3-35 CREDIT LIMIT: 25000 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 2014 to April 30 2015: a. Open Invoices b. Customer Balance Detail c. Customer Contact List d. Journal There are several QuickBooks data files that you need to be able to complete for the weekly content and the practice sets. These files are located on the publisher’s website. Complete the Case Problem 3-1 at the end of chapter 3. Submit your exported reports in one Excel Workbook. The reports needed are listed at the end of the case when it states to print you are to export those files. Note: The steps on how to export Quickbooks Reports to Excel are found in the week 1 Lesson Tab
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