case problem | Accounting homework help

Case Problems

Case Problem 1

On April 1, 2014, Lynn Garcia started her business of 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 transactions recorded in 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, 2015

COMPANY NAME: Musical Youth Group

First Name: Dana

Last Name: Thompson

Main Phone: 570-555-6642

Fax: 570-555-6700

Main Email: [email protected]

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 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: [email protected]

INVOICE/BILL TO: 574 S Beech Street

Scranton, PA 18506

customers 3-35

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, 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