Reference no: EM131941538
Case Problem -
On June 1, 2017, Olivia Chen started her business, Olivia's Web Solutions, as an Internet consultant and web page designer. She began by depositing $25,000 cash in a bank account in the business name. She also contributed a computer system. The computer has an outstanding note balance of $2,500 that will be assumed by the business. The cash, computer, note payable, and capital have all been recorded in the opening balances of the books. Olivia anticipates spending the beginning of the month setting up her office and expects to provide Web design and Internet consulting services later in the month. You will record the transactions listed below for the month of June.
1. Open the Company File CH2 Olivia's Web Solutions.QBW.
2. Make a backup copy of the company file and name it OWS2 [Your Name] Olivia's Web Solutions.
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 OWS2 [Your Name] Olivia's Web Solutions.
4. Change the company name to OWS2 [Your Name] Olivia's Web Solutions.
5. Add the vendors to the Vendor Center.
6. Using the appropriate window, record the following transaction for June 2017:
Jun. 1 - Received bill for rent for the month of June from ARC Management, $800, paid immediately. Check No. 1. Do not print check.
Jun. 4 - Received a 1-year insurance policy on account from Eastern Mutual Insurance, Invoice No. 87775, $1,800, Net 30 Days.
Jun. 4 - Purchased software on account from Netsoft Development Co., Invoice No. O9887, $3,600, Net 30 Days.
Jun. 7 - Purchased office furniture on account from Lewis Furniture Co., Invoice No. O9887, $3,200, Net 30 Days.
Jun. 8 - Purchased 6 months of advertising services on account from Chrbet Advertising, Invoice No. O-989, $1,200, Net 30 Days.
Jun. 11 - Purchased computer supplies on account from Comet Computer Supplies, Invoice No. 56355, $600, Net 15 Days.
Jun. 14 - Received bill for online Internet services from Systems Service, $150, paid immediately (Check No. 2). Systems Service is a new vendor.
Jun. 15. - Purchased office supplies on account from Office Plus, Invoice No. 3665, $450, Net 30 Days.
Jun. 18 - Received the telephone bill from Eastel, Invoice No. 6-2568, $350, Net 30 Days.
Jun. 21 - Received utilities bill from LI Power Company, Invoice No. OWS-23556, $125, Net 15 Days.
Jun. 21 - Returned office supplies to Office Plus for a $75 credit, CM789.
Jun. 21 - Paid in full Eastern Mutual Insurance, Invoice No. 87775 (Check No. 3). Do not print check.
Jun. 25 - Paid in full Comet Computer Supplies, Invoice No. 56355 (Check No. 4).
Jun. 28 - Paid in full LI Power Company, Invoice No. OWS-23556 (Check No. 5).
Jun. 30 - Made a partial payment of $2,000 to Netsoft Development Co. (Check No. 6).
Jun. 30 - Made a partial payment of $1,500 to Lewis Furniture Co. (Check No. 7).
Jun. 30 - The owner, Olivia Chen, withdrew $500 for personal use (Check No. 8).
7. Display and print the following reports for June 1, 2017, to June 30, 2017:
a. Unpaid Bills Detail
b. Vendor Balance Detail
c. Vendor Contact List
d. Journal
Attachment:- Vendors.rar