i NEED DONE CHAPTER 6 CASE 1, AND CASE 2

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Cha r Review an ssment Procedure Check 1. Your company will be selling a new product. Describe the steps that must be taken to add the new item to the system. 2. Explain the difference between using Enter Bills or Receive Items and Enter Bills from the Vendors pull-down menu. 3. Which QuickBooks report(s) would you use to view the sales and pur- chases of specific inventory items? 4. At year-end, you wish to confirm the quantity on hand for each inven- tory item. How would you use QuickBooks reports to determine the quantity and value of the ending inventory? 5. Your company wishes to view the profitability of each inventory item. How could you use QuickBooks to develop this information? 6. Discuss the advantages of using a computerized accounting system to maintain a perpetual inventory system. Case Problems Case Problem 1 On April 1, 2014, Lynn Garcia began her business, called Lynn’s Music Studio. In the first month of business, Lynn set up the music studio, pro- vided guitar and piano lessons, and recorded month-end activity. In May, the second month of business, Lynn decides to purchase and sell inventory items of guitars, keyboards, music stands, and sheet music. For customers that purchase merchandise inventory, the terms of payment are 2110, Net 30 Days. For illustration purposes, assume a 7% sales tax is charged on the sale of all inventory items. The company file includes the information for Lynn’s Music Studio as of May 1, 2014. 1. Open the company file CH5 Lynn’s Music Studio.QBW. 2. Make a backup copy of the company file LMS5 [‘YourName] Lynn’s Music Studio. 3. Restore the backup copy of the company file. I~~both the Open Backup Copy and Save Company File as windows use the file name LMS5 [Your Name] Lynn’s Music Studio. 4. Change the Company Name to LMS5 [Your Name] Lynn’s Music Studio. 5. Add the following inventory items to the Item List: Type: Inventory Part Item Name/Number: Keyboards Description on Purchase/Sales Transactions: Keyboards Cost:…

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