Bobs Back Hoes Using Quickbooks 2019 Accounting Exercise Using Quickbooks 2019, complete the attached assignment.Need PDFs of the reports listed in the ass

Bobs Back Hoes Using Quickbooks 2019 Accounting Exercise Using Quickbooks 2019, complete the attached assignment.Need PDFs of the reports listed in the assignment. Need the .QBW files from quickbooks. BOB’S BACK HOES
STUDENT EXERCISE
Overview
In this case-study, you, the student, will set up a new service company file using the Easy Step
Interview found by clicking on Detailed Start after clicking to create a new company. As you
navigate through the Easy Step Interview, you will decide the best answers to the interview based
on the information presented here. You will also have the opportunity to practice setting up a
Chart of Accounts, and completing Journal entries, sales, Bills, and Cheques. As an extended
activity, you may be required to complete the Bank Reconciliation.
Accounting Information
Bob Brown has decided to start a business of his own, doing backhoe work for clients beginning
January 1. He will run the business from his home at 123 Any Street, Chatham, Ontario N7M 1A1.
He has obtained his Business Number and registered for Goods and Services tax. Tax rates are
GST 5%, and HST 13%
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Bob will use the calendar year as his fiscal year.
His first HST quarterly report period will end March 31.
Bob will only do business in Southwest Ontario.
This is a Service Based Business with no inventory. To assist with setting up the Chart of
Accounts, choose ‘General Service-Based Business’ as the industry in the Easy Step
Interview process.
Set up a Service Item called Back Hoe Fees, Description Back Hoe Services, Default Tax
will be HST Only.
Bob Expects to invoice some Customers and collect Payment later.
Bob will sometimes buy products and services on credit and pay his vendors later.
Attached is a Chart of Accounts Bob has been given to use with his business.
QuickBooks – Assignment 2
Chart of Accounts:
Account
10500
11000
12000
13000
13010
13020
13510
13520
14990
15000
15010
15020
20000
25500
30000
32000
30800
39000
40100
60400
61000
62000
62500
63000
64000
64250
65000
65250
65500
65750
66200
66500
67000
68200
68300
68400
Type
Chequing Account
Bank
Prepaid Insurance
Other current asset
Accounts Receivable
Accounts Receivable
Home Office Equipment
Fixed Asset
Computer Equipment additions
Fixed Asset
Computer Equipment Depreciation Fixed Asset
Office Equipment Additions
Fixed Asset
Office Equipment Depreciation
Fixed Asset
Undeposited Funds
Other Current assets
Equipment
Fixed Asset
Equipment additions
Fixed Asset
Equipment depreciation
Fixed Asset
Accounts Payable
Accounts Payable
GST/HST Payable
Other Current Liability
Opening Bal Equity
Equity
Bob Brown Capital
Equity
Bob Brown Withdrawals
Equity
Retained Earnings
Equity
Back Hoe fees earned
Income
Depreciation expense
Expense
Advertising Expense
Expense
Back Hoe Equipment Rental
Expense
Back Hoe Gas & Oil
Expense
Bank fees
Expense
Insurance
Expense
Liability Insurance
Expense
Home Office Expense
Expense
Office Supplies
Expense
Utilities Expense
Expense
Telephone Expense
Expense
Professional fees
Expense
Accounting
Expense
Repairs
Expense
Taxes
Expense
Federal
Expense
Provincial
Expense
Page 2 of 5
Description
Chequing Account
Prepaid Insurance
Accounts Receivable
Home office Equipment
Computer equipment additions
Computer equipment Depreciation
Office Equipment Additions
Office Equipment Depreciation
Undeposited funds
Equipment
Equipment Additions
Equipment Depreciation
Accounts Payable
HST Payable
Opening bal Equity
Bob Brown capital
Bob Brown Withdrawals
Retained Earnings
Fees
Depreciation Expense
Advertising Expense
Back Hoe Equipment Rental
Back Hoe Gas & Oil
Bank fees
Insurance
Liability Insurance
Home Office Expense
Office supplies
Utilities Expense
Telephone Expense
Professional fees
Accounting Fees
Repairs
Taxes
Federal taxes
Provincial
QuickBooks – Assignment 2
Transactions:
On 3 January, Bob deposits $25,000 in a separate Bank Account for the Business at CIBC,
downtown branch. (Create journal Entry # 1 to Debit Chequing Account and Credit B Brown,
Capital)
Bob has decided to lease the backhoe. The monthly payment of $2,000 (plus HST) is made on the
15th day of each month to Brian’s Leasing.
The Following Transactions took place in January:
Date
Transaction
Source
3
Purchased a computer by cheque from Impact Computers $4,600
(plus HST)
Bob Contributed a ladder to the Business Valued at $400 Fair
Market value
Completed cash Job for Maple City construction, issued receipt
for $2500 (plus HST). Receive Payment in full and deposited cash
in bank.
Bob paid expenses for the business:
Telephone $198.45 (plus HST $20.00) to Telus. Overwrite
calculated HST
Electricity $430 (plus HST) to Origin Power
Chq 1
Advertising $2,000 (plus HST) to leader Papers
Chq 4
Completed Job for JP Construction, 158 Keil Drive, Chatham,
Ontario N7L1A1 (519) 555-1234. Invoiced $2000 (Plus HST),
Terms Net 30.
Completed cash job for Big Brothers Construction, issued receipt
for 4,400.00 (plus HST). Received payment in full and deposited
cash in bank.
Bob purchased office furniture on credit Inv B333 $700 (plus HST)
from Bizquip. Terms Net 30
Bob paid expenses for the business: Fuel $214(plus HST) to Echo
fuels
Insurance $600 to CUG Insurance for 12 Months liability
Insurance. Expense January Insurance and set up Prepaid
Insurance for Balance.
Bob drew $800 cash for his own use.
Invoice 201
Paid Brian’s Leasing for the lease of the backhoe.
Chq 8
4
6
7
8
11
12
15
Page 3 of 5
Journal Entry
#2
Sales Receipt
101
Chq 2
Chq 3
Sales receipt
102
Bill
Chq 5
Chq 6
Chq 7
QuickBooks – Assignment 2
Problem Statement
Step 1: You have been hired to set up a Service Company File for Bob and set up the chart of
Accounts as provided by the Consulting Accountant.
Step 2: You have been directed to complete the transactions for the first two weeks of January.
Step 3: You receive the bank statement and process the Reconciliation.
NOTE – Only complete the steps as assigned by your instructor.
Required Items for Each Step
Step 1
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Create the file Bob’s Back Hoes – Your Name”. This will help distinguish your report from
the other students’ assignments.
Add, Edit, Delete or Make Inactive Accounts to match the Chart of Accounts
Step 2
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Process the transactions for January (including the initial capital contribution).
Print (or create a pdf) the following reports for the period January 1-16:
 Chart of Accounts
 Income Statement
 Balance Sheet
 Journals
Step 3
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Complete Bank Reconciliation using the Bank Statement dated January 16 found on the
next page
Print (or create a pdf) the following report for the Period January 1-16:
 Bank Reconciliation Detailed
Page 4 of 5
QuickBooks – Assignment 2
Bank Statement
Using the bank statement below, prepare the bank reconciliation at January 16
CIBC
Downtown
Account Name Bob’s Back Hoes
Account No 333067
Statement for January 1-16
Date
Debit
January 2 Cash/Chqs
4
0001
25,000.00
5,198.00
6 Cash/Chqs
8
0003
Credit
25,000.00 CR
19,802.00 CR
2,825.00
485.90
11 Cash/Chqs
Balance
22,627.00 CR
22,141.10 CR
4,972.00
27,113.10 CR
0002
218.45
26,894.65 CR
0007
800.00
26,094.65 CR
20.00
26,074.65 CR
600.00
25,474.65 CR
13 Bank fee
0006
Check figures:
 Net Income: $3,987.55
 Book Value of Chequing Account after bank reconciliation: $20,712.83
Page 5 of 5

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