Case Problems<\/p>\n
Case Problem 1<\/p>\n
On April 1, 2014, Lynn Garcia started her business of Lynn\u2019s Music Studio.<\/p>\n
Lynn began by depositing $10,000 cash in a bank account in the business<\/p>\n
name. She also contributed a piano and some guitars. The musical instruments<\/p>\n
have an outstanding note balance of $2,000 that has been assumed by the business.<\/p>\n
The cash, musical instruments, note payable, and capital have all been<\/p>\n
recorded in the opening balances of the books. For the first part of the month,<\/p>\n
Lynn set up her studio. She has now begun providing piano and guitar lessons.<\/p>\n
Piano lessons are billed at $35 per hour, and guitar lessons are billed at $30<\/p>\n
per hour. You will record the transactions listed below for the month of April.<\/p>\n
The company file for this chapter includes the beginning information for<\/p>\n
Lynn\u2019s Music Studio along with the transactions recorded in chapter 2.<\/p>\n
1. Open the company file CH3 Lynn\u2019s Music Studio.QBW.<\/p>\n
2. Make a backup copy of the company file, and name it LMS3 [Your<\/p>\n
Name] Lynn\u2019s Music Studio.<\/p>\n
3. Restore the backup copy of the company file. In both the Open Backup<\/p>\n
Copy and Save Company File as windows, use the file name LMS3<\/p>\n
[Your Name] Lynn\u2019s Music Studio.<\/p>\n
4. Change the company name to LMS3 [Your Name] Lynn\u2019s Music<\/p>\n
Studio.<\/p>\n
5. Add the following customer to the Customer Center:<\/p>\n
CUSTOMER NAME: Musical Youth Group<\/p>\n
OPENING BALANCE: 0 AS OF April 1, 2015<\/p>\n
COMPANY NAME: Musical Youth Group<\/p>\n
First Name: Dana<\/p>\n
Last Name: Thompson<\/p>\n
Main Phone: 570-555-6642<\/p>\n
Fax: 570-555-6700<\/p>\n
Main Email: myg@emcp.net<\/p>\n
INVOICE\/BILL TO: 550 Marion Lane<\/p>\n
Scranton, PA 18504<\/p>\n
CREDIT LIMIT: 20,000<\/p>\n
PAYMENT TERMS: Net 30 Days<\/p>\n
TYPE: Group<\/p>\n
Delete the following customer:<\/p>\n
Rivera Family<\/p>\n
6. Using the appropriate window, record the following transactions for<\/p>\n
April 2015:<\/p>\n
Apr. 9 Provided 15 hours guitar lessons and 10 hours piano lessons<\/p>\n
on account to Jefferson High School, Invoice No.<\/p>\n
2001, Net 10 Days.<\/p>\n
Apr. 12 Provided 3 hours piano lessons to the Schroeder Family,<\/p>\n
Invoice No. 2002. Received payment immediately, Check<\/p>\n
No. 478.<\/p>\n
Apr. 13 Provided 12 hours piano lessons to Highland School,<\/p>\n
Invoice No. 2003, Net 30 Days.<\/p>\n
Apr. 16 Provided 8 hours guitar lessons and 5 hours piano lessons<\/p>\n
to Twin Lakes Elementary School, Invoice No. 2004, Net<\/p>\n
30 Days.<\/p>\n
Apr. 16 Provided 6 hours guitar lessons to the Patterson Family,<\/p>\n
Invoice No. 2005. Received payment immediately, Check<\/p>\n
No. 208.<\/p>\n
Apr. 20 Provided 5 hours guitar lessons and 7 hours piano lessons<\/p>\n
to Mulligan Residence, Invoice No. 2006, Net 30 Days.<\/p>\n
Apr. 20 Received payment in full from Jefferson High School for<\/p>\n
Invoice No. 2001, Check No. 28759.<\/p>\n
Apr. 23 Provided 5 hours of piano lessons to Douglaston Senior<\/p>\n
Center, Invoice No. 2007, Net 30 Days. Douglaston<\/p>\n
Senior Center is a new client:<\/p>\n
CUSTOMER NAME: Douglaston Senior Center<\/p>\n
OPENING BALANCE: 0 AS OF April 1, 2015<\/p>\n
COMPANY NAME: Douglaston Senior Center<\/p>\n
First Name: Herbie<\/p>\n
Last Name: Richardson<\/p>\n
Main Phone 570-555-7748<\/p>\n
Fax: 570-555-8800<\/p>\n
Main Email: DSC@emcp.net<\/p>\n
INVOICE\/BILL TO: 574 S Beech Street<\/p>\n
Scranton, PA 18506<\/p>\n
customers 3-35<\/p>\n
CREDIT LIMIT: 25,000<\/p>\n
PAYMENT TERMS: Net 30 Days<\/p>\n
TYPE: Group<\/p>\n
Apr. 23 Provided 10 hours guitar lessons and 10 hours piano<\/p>\n
lessons to the Musical Youth Group, Invoice No. 2008.<\/p>\n
Received payment immediately, Check No. 578.<\/p>\n
Apr. 26 Provided 15 hours guitar lessons and 10 hours piano lessons<\/p>\n
on account to Jefferson High School, Invoice No.<\/p>\n
2009, Net 10 Days.<\/p>\n
Apr. 26 Received payment in full from Highland School for<\/p>\n
Invoice No. 2003, Check No. 75281.<\/p>\n
Apr. 27 Provided 2 hours guitar lessons for the Patel Family,<\/p>\n
Invoice No. 2010. Received payment immediately, Check<\/p>\n
No. 629.<\/p>\n
Apr. 30 Provided 8 hours guitar lessons and 5 hours piano lessons<\/p>\n
to Twin Lakes Elementary School, Invoice No. 2011, Net<\/p>\n
30 Days.<\/p>\n
Apr. 30 Received partial payment of $145 from Mulligan<\/p>\n
Residence for Invoice No. 2006, Check No. 715.<\/p>\n
Apr. 30 Deposited all receipts for the month.<\/p>\n
7. Display and print the following reports for April 1, 2014, to April 30, 2015:<\/p>\n
a. Open Invoices<\/p>\n
b. Customer Balance Detail<\/p>\n
c. Customer Contact List<\/p>\n
d. Journal<\/p>\n
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.<\/p>\n
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.<\/b><\/p>\n
Note: The steps on how to export Quickbooks Reports to Excel are found in the week 1 Lesson Tab<\/p>\n","protected":false},"excerpt":{"rendered":"
Case Problems Case Problem 1 On April 1, 2014, Lynn Garcia started her business of Lynn\u2019s 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. Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-72018","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/72018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=72018"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/72018\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=72018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=72018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=72018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}