1. If necessary start QBO.
2. Add the following vendor.
Title, First Name, Last name: Ms. Sherry Milton
Company: Computers 2 You
*Display name as: Select Computers 2 You
Print on check as: Computers 2 You
Address: 2006 East 14 Avenue
City/Town Los Angeles
State CA
ZIP: 90046
Country: USA
Phone: 213-555-2300
Terms: Select Net 30
as of: Type 11/1/20XX
3. Add the following Inventory item:
*Name: Computers
Initial quantity on hand: 0 (zero)
As of date: 10/1/20XX (current year)
Inventory asset account: Select 115 Merchandise Inventory
Sales information: Computers
Sales price/rate: 1000
Income account: Select 401 Sales
Purchasing information: Computers
Cost: 500
Expense account: 501 Cost of Goods Sold
4. Use the transaction register below to enter the following checks
5. Display the Register for Account 101 Checking. (Hint: From the Navigation bar, select
> double-click 101 Checking.) Make sure your ending balance is $49,569.59. If not, edit checks
6. Complete the following transactions. (Hint: QBO stores quantities and amounts from earlier Bills. Before saving, make sure the QTY field is correct.)
11/8/20XX Bill no. 80C2U received from
Computers 2 You for the purchase
of 20 computers, $500 each, for a
total of $10,000.
11/8/20XX Bill no. ATD131 received from Any Time Deployment
for the purchase of 11 network products, $25 each, for a
total of $275.
11/8/20XX Bill No. CZ40 received from CloudZ Channel for the
purchase of 7 web servers, $200 each, for a total of
$1,400.
11/8/20XX Bill No. 91CC received from Conf/Call for the purchase
of 5 webinars, $45 each, for a total of $225.
11/8/20XX Bill No. AS12 received from AmpleStore Inc. for the
purchase of 25 data storage devices, $15 each, for a total
of $375.
11/9/20XX Sold three computers for cash, $1,000 each, for a total of
$3,000, Sales Receipt no. 1004. 2 (Hint: Click + > Sales
Receipt. In the Product/Service field, select Computers.)
11/10/20XX Sold four computers for cash, $1,000 each, for a total of
$4,000, Sales Receipt no. 1005.
11/11/20XX Bill no. 112C2U received from Computers 2 You for the
purchase of 6 computers, $500 each, for a total of $3,000.
11/11/20XX Bill No. 115CC received from Conf/Call for the purchase
of 5 webinars, $45 each, for a total of $225.
11/12/20XX Sold three computers for cash, $1,000 each, for a total of
$3,000, Sales Receipt no. 1006.
7. Continue with Exercise 4-2.