Create two new products and one new service item as follows: a. Products i) Name/Description Rook 15, initial quantity 12/31/23 10, inventory asset account Inventory Asset (this account will automatically be created in the chart of accounts when you add this product), price $650, cost $400, income account Sales, expense account Cost of Goods Sold ii) Name/Description The Water Hog, track quantity, initial quantity 12/31/23 8, inventory asset account Inventory Asset, price $860, cost $500, income account Sales, expense account Cost of Goods Sold b. ServiceName/Description Consulting, rate $25, income account Services. Click + Add new, Account Type: Income, Detail Type: Service/Fee Income, Name: Services c. Make changes to the following accounts via journal entry 1 as of 12/31/23 with an offset to Opening Balance Equity..

1. Create two new products and one new service item as follows:
a. Products
i) Name/Description Rook 15, initial quantity 12/31/23 10, inventory asset account Inventory
Asset (this account will automatically be created in the chart of accounts when you add this
product), price $650, cost $400, income account Sales, expense account Cost of Goods Sold
ii) Name/Description The Water Hog, track quantity, initial quantity 12/31/23 8, inventory
asset account Inventory Asset, price $860, cost $500, income account Sales, expense account
Cost of Goods Sold
b. ServiceName/Description Consulting, rate $25, income account Services. Click + Add new,
Account Type: Income, Detail Type: Service/Fee Income, Name: Services
c. Make changes to the following accounts via journal entry 1 as of 12/31/23 with an offset to
Opening Balance Equity.