On January 1, 2019, Jen Beck started her business, Jen’s Tennis Courts, by purchasing tennis… 1 answer below »
On January 1, 2019, Jen Beck started her business, Jen’s Tennis Courts, by purchasing tennis courts that she acquired in part by signing a $40,000 mortgage note at 5% interest. At that time, Jen also purchased furniture and equipment. Jen began the business by providing tennis court services and tennis lesson services for which she charges fees. Eventually Jen began selling tennis merchandise: tennis racquets, tennis clothing, and tennis balls. Jen feels she needs someone to help her with the tennis services and sale of the merchandise and has been interviewing potential assistants.
Jen recorded all transactions as they occurred each month for the first six months of business using a manual accounting system. Jen did not record month-end accounting activity or prepare financial statements because she is not familiar with those accounting procedures. On July 1, 2019, Jen decided to convert the accounting records to QuickBooks. You have been retained to set up the accounting records in QuickBooks; record all monthly accounting activity for the month of July including month-end activity; and print management reports, accounting reports, and the financial statements as of the end of July.
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