accounting 372

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On December 1, 2011, 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:

  1. Set up the new company Farm Branch Rentals in the QuickBooks software with the information in the table that follows.
  2. Set up the chart of accounts listed above; currently all accounts are going to begin with a zero balance.
  3. 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

Email:

 [email protected]
 
 
Chart of Accounts
Cash Income Taxes Payable

Accounts Receivable

 Common Stock

Prepaid Rent

 Retained Earnings

Unexpired Insurance

 Dividends

Office Supplies

 Income Summary

Rental Equipment

 Rental Fees Earned

Accumulated Depreciation: Rental Equipment

 Salaries Expense

Notes Payable

 Utilities Expense

Accounts Payable

 Rent Expense

Interest Payable

 Office Supplies Expense

Salaries Payable

 Depreciation Expense

Dividends Payable

 Interest Expense

Unearned Rental Fees
Income Taxes Expense

Dividend Expense

 

 
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 2011 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,
    1. Click “Company” from the menu bar,
    2. Then click “Chart of Accounts” in the Company section of the Home page.
    3. Right click the account, then select “Edit Account.”
    4. Run an account listing prior to saving.
    5. From the menu at the top of the window, select File & Save as PDF.
    6. Save the file as P1-IP_LastName on your computer or external device.
  • Submit your PDF.

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