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Form your business by completing the business setup in QuickBooks

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Form your business by completing the business setup in QuickBooks. Company name is your name Tax id is 123-45-6789 Organization can be sole-proprietorship Address is 100 College Avenue, Kentfield CA Phone is 415-999-8000 Select the appropriate industry Fiscal year starts in January Use Kentfield1 as a password if necessary 2) To get your business going, on May 1, 2024, you invest $4,000 into your business and borrow $6,000 from an investor, at 10% interest, the note and interest are due in one year. Your investor tells you that one of the conditions for the loan is that you send her monthly accrual (GAAP) based financial statements. Then you open a checking account at your local bank and get a business credit card. 3) On May 2, you open an account and send a purchase order to Staples in San Rafael, you purchase a macbook ($1,750), a desk ($350), a chair ($150) and get business cards printed for $75. You decide your fixed assets have a useful life of three years and no salvage value. 4) On May 3, you run an advertisement on a website of your choice for Bookkeeping services, they bill you $350, the terms are net 20. 5) Also on May 3, you purchase a cell phone and sign up for Verizon Wireless unlimited 5G basic plan for $80 per month, plus $22.22 per month for an iphone 14. You pay the upfront cost of $235 using your credit card. 6) On May 4, you receive the macbook and chair from Staples along with an invoice for them, terms are net 30. 7) On May 5, you sign up for “Quickbooks Online Accountant” 8) On May 6, you run another advertisement on a different website of your choice for Accounting services, they bill you $350. 9) On May 6, Bill Williams hires you to complete entering his March and April transactions. You start work that day. The company’s name is Bill’s Automotive, 23 San Rafael Avenue, San Rafael CA 94901. His phone number is 415-759-5674. You provide terms of net 20. Your hourly rate is $45. During the week of May 6, you work: Tuesday 6 hours, Wednesday 5 hours, Thursday 5 hours and Friday 7 hours. 10) On May 10, you send an invoice to Mr. Williams for your work. 11) On May 11, you decide that you need some professional liability insurance. You talk to your agent Tom Smith who advises you to purchase $1 million of liability coverage from Nationwide Insurance. You take his advice and purchase the policy with an effective date of May 1. The premium is $1,800 for a year, he provides you with an invoice, it is due within 10 days. 12) On May 10, Wendy O’Grady hires you to enter transactions for April and May for her construction company: O’Grady Construction, 474 Sir Francis Drake Blvd, Larkspur CA, 415-789-5431. You work 8 hours on Monday and Tuesday, 6 hours on Wednesday, 4 hours on Thursday. Your rate is $40 per hour. 13) On May 15, you pay both your advertising bills, your Staples bill and your insurance premium. 14) On May 15 you follow up with Staples on the desk and business cards you ordered they tell you the cards should be received within a week but the desk is backordered. 15) On May 17, you send Ms. O’Grady an invoice. Terms are net 10. 16) On May 18, Ms, O’Grady asks you to help her prepare for her upcoming audit you work three 8 hour days and charge $100 per hour (Accounting). 17) On May 19, you receive the business cards you ordered from Staples along with the invoice 18) On May 20, you receive payment in full on your first invoice to Bill’s Automotive. 19) On May 21, Dewey, Snatchem and Howe hires you to keep their books for three months (May, June and July). They prepay you $6,000 to do the work. Your contact is Bob French Esq. The firm’s address is 530 Fourth Street, Suite 400, San Rafael CA 94901. Phone number is 415-569-3500. You expect the amount of work to be about the same each month and no work has yet been done on the books in May. 20) On May 21, you hire your BUS 115 classmate as a contractor and agree to pay him / her $35 per hour, to be paid at the end of each week. He/she works Wednesday 7 hours, Thursday 6 hours and Friday 8 hours, on your Bills automotive account. You plan to bill Bills Automotive $45 per hour for the work. 21) On May 22, you work 10 hours completing and reconciling the books for D&H Advertising Agency of Corte Madera. Your contact is D. Harris, her phone number is 415-970-3579. You invoice Ms. Harris $50 per hour, terms due on receipt. 22) On May 23, you receive payment in full on your first invoice to O’Grady Construction. 23) On May 24, D&H Advertising asks you to update their books through May 15, you invoice them for 10 hours work on the 25th. 24) On May 26, you meet a potential client (Steve Smith) for lunch at Sol Food, you pick up the $36 tab. 25) On May 27, you receive payment on the D&H Advertising invoice from 12/23. 26) On May 26, 27 and 28 you spend 3 hours each day reconciling the April bank accounts for D&H Advertising, and 5 hours each day updating O’Grady Construction books through May 22. You send an invoice to each client upon completing the work. 27) On May 29, Steve Smith of Smith & Smith, 32 San Francisco Ave, San Anselmo (415) 983-7689 asks you to complete his businesses bank reconciliation for April, this takes you 3 hours and you bill him, with net 10 terms, at $40 per hour. 28) On May 30, you spend $375 on office supplies at Staples on account. 29) On June 1, you prepare your company’s financial reports listed below as of May 31, 2024 May trial balance, adjusting entries, adjusted trial balance, balance sheet, noting your firm’s current ratio (measure of liquidity) (current assets divided by current liabilities) income statement by class and with % of income columns added – noting net profit margin cash flow statement sales by customer report noting who is your best customer and export all reports to one Excel workbook.