On December 1, 2015, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business. The newly formed company uses the following chart of accounts:
Set up the new company Farm Branch Rentals in the computerized accounting system software you selected with the information in the table that follows.
Set up the chart of accounts listed below; currently all accounts are going to begin with a zero balance.
Run an accounts listing of the chart of accounts and save in PDF format for submission.
Name of Company:Farm Branch Rentals
Address: 201 Farm Branch Road,
Rocky Mount NC 27811
Phone Number 555-897-7752
Federal ID Number 56-4785965
Business Entity Corporation
Web ADDRESS WWW.FARMBRANCHRENTALS.COM
Chart of Accounts
Income Taxes Payable
Rental Fees Earned
Accumulated Depreciation: Rental Equipment
Office Supplies Expense
Income Taxes Expense
Unearned Rental Fees
For full-credit, submit a PDF from Quickbooks showing that the following steps have been completed correctly:
Set up an account for the new company using Quickbooks.
Use December 2015 as the first accounting period for Quickbooks.
Revise, and set up the chart of accounts to match the chart of accounts provided by Samantha and Larry.
After opening the company,
Click “Company” from the menu bar,
Then click “Chart of Accounts” in the Company section of the Home page.
Right click the account, then select “Edit Account.”
Run an account listing prior to saving.
From the menu at the top of the window, select File & Save as PDF.
Save the file as P1-IP_LASTNAME on your computer or external device.
Submit your PDF.