QuickBooks Project Fall 2020.docx
Business Transactions and Events - Facts:
Incorporate a new business Advertising & Public Relations Services Inc. (Use your last name and first initial as the company name, see instructions on Page 7 of this handout on November 1, 2020). The company has adopted a fiscal year ending October 31, 2021. The address is: 1940 Albright Road, Reading, PA 19604. The business offers Advertising and PR Services and other related services to businesses in the greater Reading and Berks county area.
Starting November 1, 2020, business events are as follows:
Part 3 - Due November 30, 2020 by 11 pm
November 1: Invested $50,000 cash in the business in exchange for 4,000 shares, $10.00 par value. The cash was deposited in the company's checking account with Berks County Bank.
November 2: The business signed a monthly lease for office space in Berks Shopping Plaza at $1,000 per month. Rent was paid for the month of November. Checks are payable to BSP Properties, LLC.
November 3: Performed one-time advertising services for Inglewood, Inc. on account for $15,000.
November 3: Purchased Office Supplies from We-Know-You Office Supplies on account. $2,750.
November 5: Rented a van from Auto Rentals. Rentals are $900 per month. Paid $5,400 advance rent on signing a contract with the Auto Rentals.
November 6: Paid $250 for gasoline.
November 7: Paid $400 for van repairs and maintenance.
November 7: Helped to develop a small business advertising campaign for Fit-for-U Beauty Shop. Billed owner $20,500.
November 9: The business purchased a building worth $150,000, paying $30,000 cash, and the bank financed the balance with a note for 10 years at 6% annual interest rate. Interest is payable annually on December 10th of each year. The principal will be paid when the note matures.
November 10: The Company purchased a Copier, Computer, and Printer from Office Equipment, Inc. for $35,000. Terms are 2/15, n/45.
November 10: Purchased merchandise inventory from Max Supply Company for $27,500 on account. Credit term 3/15, n/45.