Lesson 3: Service Business– Sole proprietorship 2011

Lesson 3

i) Set up a new company with the following details:

a. Company name: Talasan Accounting & Consulting Firm
b. Address line 1: 150 street
c. City, state, Zip: Hargeisa, MJ, 252
d. Country: Somaliland
e. Telephone: 252-2-527566
f. Type: Sole Proprietorship

ii) Add new customer with the following details:

a. Customer Name: University of Hargeisa
b. Customer ID: UoH-001

iii) Add new Vendors with the following details:

a. Vendor name: Hargeisa Water Agency Vendor ID: HWA-001
b. Vendor name: Telesom Vendor ID: TSM-002
c. Vendor name: AFGAL Power Co. Vendor ID: AFG-003

iv) Add a new employee with the following details

- Talasan hired Abdi Omer on February 10, 2011
- Mr. Abdi is an employee
- His home telephone number is 520000
- Employee ID: AO
- Abdi Omer is paid weekly, he is an hourly employee receiving $10 per hour
and receiving overtime at time-and-half after 40 hours during a week.

v) Record the following transactions:

a. The owner invested $100,000 cash to the business.
b. Charged services delivered to University of Hargeisa, $5,000.
c. Received a bill from Hargeisa Water Agency, $300
d. Received $2,500 cash from University of Hargeisa for partial payment of their
account.
e. Receive telephone bill from Telesom, $200
f. Paid $200 cash to Hargeisa Water Agency.
g. Received electric bill from AFGAL Power Co. $100
h. Paid Telesom for the amount due
i. Paid salary for employees. Assume that Abdi has worked 45 hours during the
week.

Lesson 3: Service Business– Sole proprietorship Set by: Abdisalam Ali Mahdi