Lesson 2: Merchandising Business – Corporation 2011

Lesson-2

1)
a) Create a new company with the following details:
Company Name: Premier Fitness Club
Type : Corporation
Address line 1: 1313 Mintson Road
City, state, Zip: Chicago, IL, 80009
Country: USA
Telephone: 312-555-1313

2) Add new customer with the following details:

- Customer name is Alpha Insurance (ID: ALPHA)
- The contact person is Glenn Swamsone
- Alpha insurance is located at 5619 West wood Blvd Chicago IL 80009
- The telephone number is 312-555-2890
- Alpha insurance is a regular customer
- The GL sales account is 4000 and the terms are 2/10, n/30

3) Add a new Vendor with the following details:

- Vendor name is Squeaky Clean (ID: SQUEA)
- The contact person is Theresa A.
- The vendor is located at 857 Wood land Blvd Arlington, IL, 80102
- The telephone number is 312-555-1234
- Terms are net 30 days

4) Add new inventory item with the following details:

- Item description: Toshiba Laptop
- GL accounts:
o Sales account
o Inventory account
o Cost of goods sold

5) Transactions:

1. Premier Fitness Club issued 10,000 shares of common stock, par $100 at $120.
2. Purchased 1000 pieces of Toshiba Laptop from Squeaky Clean at a cost of $500 each.
3. Sold 300 pieces of Toshiba Laptop to Alpha Insurance at a price of $700 each, receiving
4. Paid Squeak Clean a 50% of the amount due.
5. Received cash from Alpha Insurance for the amount due.
6. Paid salary for the employees.

Lesson 2: Merchandising Business – Corporation Set by: Abdisalam Ali Mahdi