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Computerized Accounting With

PEACHTREE 2010

COMPREHENSIVE PROBLEM ONE

Chapters 1 through 7

Tracy Madding is an attorney opening her own office on March 1, 2010. She operates her business as a sole proprietorship. The office is located at 1345 Main Street, Lodi, CA 95240. The owner of the building, Apex Business Management, signed Tracy to a one-year lease for $800 per month. The IRS issued her an employer identification number of 15-6789545. Tracy called the local telephone company, Pacific Bell, and arranged for two lines: telephone 209-555-9899; fax 209-555-3211.

Tracy spoke with an accountant, and together they decided that Tracy should use the accrual method of accounting because she may, in the future, give …show more content…

Paid $340 for office supplies, check 006, to Target, 13 North Highland Ave., Stockton, CA 95210, Vendor ID 006.

Received a $12,000 consulting fee from Michelle Anzures, 2334 Handle Ave., Lodi, CA 95240. Use Customer ID 100, reference 2364.

Mar. 7 Paid $250 to Richard Martinez to have carpets cleaned (Maintenance Expense), check 007.

Provided consulting services to John Nance, 2112 Glen View Road, Stockton, CA 95210. Charged the customer $400 on account and used Customer ID 101, Invoice 200.

Represented new client David Henry, 356 Boston Way, Modesto, CA 95355, in court charging a $5,000 consulting fee and $125 per hour for the 2 hours of court time, on account, Invoice 201. Use Customer ID 102 and change the credit limit to $10,000.

Mar. 10 Paid $1,200 for office supplies from Circuit City, check 008.

Paid $125 for a subscription, check 009, to the Law Review, 2936 Madison Ave., New York, NY, 02663, Vendor ID 007. Create the account for the expense: Professional Publication, Account ID 538.

Paid $2,500 for Invoice 39987 to Circuit City, check 010.

Received $2,500 from David Henry, on account, reference 2636.

Mar. 15 Paid the paraprofessional’s fee of $1,450 to Janice Smith, 64 Black St., Lodi, CA 95240, Vendor ID 008, check 011.

Consulted with Michelle Anzures charging $250, Invoice 202.

Tracy Madding took a cash draw of

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