Name: _____________________
QuickBooks 2015 Comprehensive Exam 1
Part I
1. Set up a new company in QuickBooks using the following information. On January 1, 2021, you establish a law firm. You’ve been offered two contracts on retainer for two local businesses. With the two contracts and walk-in clients, you think you can make your law practice a success. At the current time, you do not plan to hire any employees. Instead, you plan to perform the services yourself, at least initially until cash flow from the business can fund employee payroll.
Company Name Catheryn Norvell Comp Exam 1
Federal Tax ID 123-45-6789
Address 12 Elm Street
City Woodbury
State NJ
Zip 08096
Phone 856-222-3333
Industry Legal Services
Income Tax Form Sole Proprietor (FORM 1040)
Fiscal year starts January 1, 2021
Checking Account Catheryn Norvell Comp Exam 1 Checking
Reminder: Save your company file Catheryn Norvell Comp Exam 1 Then, after you have set up your company, you need to add three sets of information.
First, you need to add the people you do business with. You will add the following 2 customers and 3 vendors using the following information.
Customer Name/ Company Name
Airline Transport
Address 40 George Blvd Cherry Hill, NJ 08033
Contact Mary
Telephone 609-833-2904
Terms Net 30
Customer Name/ Company Name
CAD Express
Address 1234 Middle Ct Haddonfield, NJ 08033
Contact Lori
Telephone 856-556-7766
Terms Net 30
Vendor Name/ Company Name
AA Equipment Leasing
Address 72 Long Lane Vineland, NJ 08445
Telephone 609-555-1234
Terms Net 30
Vendor Name/ Company Name
Able Office Supplies
Address 900 Truman Blvd Marmora, NJ 08229
Telephone 609-376-1356
Terms Net 30
Vendor Name/ Company Name
Bay Advertising Agency
Address 55 Inlet Street Ocean City, NJ 08226
Telephone 609-376-5555
Terms Net 30
Then, you will add this information to the Services you sell.
Legal Consultation (hourly) $120 per hour Account: 45400
Monthly Retainer $1000 per month
Account: 45400
Then, you will add banking information as follows:
You’ll need to add a Business Checking Account (current asset account, #10100). Use the numbers “123456789” as both bank account numbers and routing numbers. Your account will be named “Catheryn Norvell Comp Exam 1 Checking”, dated 1/1/2021, with a $0 balance.
Part II
Record the following transactions in QuickBooks for the new company. Print documents (invoices, checks, deposit, and summaries) as appropriate.
Date Transaction
01/01/2021 You invested $1,500 cash in the business (Check No. 1000).
01/01/2021 Leased office furniture for the business. Received the bill and paid one month’s rental ($110 check) to AA Equipment Leasing.
01/01/2021 Billed monthly retainer fees to both clients: Airline Transport and CAD Express.
01/02/2021 Purchased $150 of office supplies on account from Able Office Supplies.
01/10/2021 Paid $540 from your business checking account to United States Post Office (USPO) postage expense for mailing brochures to potential clients.
01/12/2021 Provided 2 hours of legal consultation to walk-in client. She paid cash at end of meeting today. Deposited into business checking account.
01/15/2021 Received bill from Bay Advertising Agency for $200 of advertising expenses.
01/16/2021 Received payment from Airline Transport for monthly retainer fee as billed on 01/01/2021. Deposited check # 444 into your business checking account.
01/20/2021 Received payment from CAD Express for monthly retainer fee as billed on 01/01/2021. Deposited check #888 into business checking account.
01/25/2021 Paid $150 for the office supplies purchased from Able Office Supplies on 01/02/2021.
01/28/2021 Provided one hour of legal consultation today to walk-in client. Client paid cash and deposited funds.
Part III
1. Generate the following reports using QuickBooks. Convert them to Excel .
2. Journal from January 1, 2021 to January 31, 2021.
a. Trial Balance at January 31, 2021.
b. Profit and Loss, standard, from January 1, 2021 to January 31, 2021.
c. Balance Sheet, standard, at January 31, 2021.
d. Statement of Cash Flows for January 2021.
e. Customer Balance Detail
f. Vendor Balance Detail
Submit the following for grading: Your Excel Workbook labeled with your name.
