Complete after following the QuickBooks registration instructions. STEP ONE: Import your chart of accounts. Go to...
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Complete after following the QuickBooks registration instructions. STEP ONE: Import your chart of accounts. Go to QuickBooks and login to your company. From the menu on the left side of the screen, choose “Accounting" and select "Chart of Accounts." Click on the green "New" at the upper right-hand side of the screen and choose "Import." Using the "Browse" function, select the "ACC250 QuickBooks Import File" provided in your LoudCloud classroom. Click “Next," click "Next" again, and then click "Import." STEP TWO: Enter the beginning account balances. Click the + New" button at the upper left-hand corner of the screen. Choose "Journal Entry" under the "Other" column. Enter Journal Entry #1 with the date of 1/1/2021. The journal entry appears below. Under "Description," type "Beginning Balance." For Accounts Receivable and Accounts Payable, you will need to fill in the "Name" column. For Accounts Receivable, click "Add New* from the drop-down menu in the "Name" column. Enter "A Customer" as the name and choose "Customer" as the type. Click "Save." For Accounts Payable, click "Add New" from the drop- down menu in the "Name" column. Enter "A Vendor" as the name and choose "Vendor as the type. Click “Save." Account Cash Debits Description Beginning Balance Beginning Balance Beginning Balance Beginning Balance Beginning Balance 250 Beginning Balance 400 Beginning Balance 3,200 Beginning Balance 43,350 Beginning Balance Beginning Balance 3,450 Beginning Balance Beginning Balance Beginning Balance Beginning Balance Credits Name 22,550 Accounts Receivable Office Supplies Prepaid Insurance Truck 1,300 A Customer 700 750 20,000 Accumulated Depreciation - Truck Accounts Payable Unearned Revenue Owner's Capital Owner's Withdrawals A Vendor 2,000 Service Revenue Salaries Expense Fuel Expense Rent Expense 1,500 250 1,600 STEP THREE: Confirm your unadjusted trial balance. Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the “For My Accountant" menu and choose "Trial Balance." Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Trial Balance as a pdf file for use in preparing your adjusting entries in Step Four. STEP FOUR: Enter your adjusting entries. Using the Trial Balance prepared in Step Three and the data below, prepare and enter the five necessary adjusting entries for the month of January 2021. Adjustment data: a. Office Supplies on hand, $120. b. Accrued Service Revenue, $1,200. c. Accrued Salaries Expense, $1,000. d. Prepaid Insurance for the month has expired, $250. e. Depreciation was recorded on the truck for the month, $250. The adjusting entries should be input as Journal Entries 2 through 6, dated “January 31, 2021," using the directions provided in Step Two, above. For the "Description," enter “Adjusting Entry" and the letter of the adjustment from above. STEP FIVE: Prepare the financial statements. Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Profit and Loss." This is the company's income statement. Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Profit and Loss statement as a pdf file named "LastnameFirstinitial.ACC250.QB.PL." Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Balance Sheet." Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Balance Sheet as a pdf file named "LastnameFirstinitial.ACC250.QB.BS." Submit your two financial statement files in LoudCloud. Congratulations! You have completed your assignment. Thank you for exploring QuickBooks! D24 fe A B D 1 Account Name Турe Detail Type 2 Cash 3 Accounts Receivable 4 Office Supplies 5 Prepaid Insurance 6 Truck 7 Accumulated Depreciation - Truck 8 Accounts Payable 9 Salaries Payable Bank Checking Accounts Receivable Accounts Receivable Other Current Assets Other Current Assets Other Current Assets Prepaid Expenses Fixed Assets Vehicles Accumulated Depreciation Accumulated Depreciation Accounts Payable Accounts Payable Other Current Liabilities Other Current Liabilities 10 Unearned Revenue Other Current Liabilities Other Current Liabilities 11 Owner's Capital 12 Owner's Withdrawals 13 Service Revenue 14 Salaries Expense 15 Depreciation Expense Truck 16 Insurance Expense Owner's Equity Owner's Equity Owner's Equity Owner's Equity Service/Fee Income Income Expenses Cost of Labor Other Expense Depreciation Expenses Insurance 17 Fuel Expense 18 Rent Expense 19 Supplies Expense Shipping, Freight & Delivery Rent or Lease of Buildings Expenses Expenses Expenses Supplies & Materials 20 Complete after following the QuickBooks registration instructions. STEP ONE: Import your chart of accounts. Go to QuickBooks and login to your company. From the menu on the left side of the screen, choose “Accounting" and select "Chart of Accounts." Click on the green "New" at the upper right-hand side of the screen and choose "Import." Using the "Browse" function, select the "ACC250 QuickBooks Import File" provided in your LoudCloud classroom. Click “Next," click "Next" again, and then click "Import." STEP TWO: Enter the beginning account balances. Click the + New" button at the upper left-hand corner of the screen. Choose "Journal Entry" under the "Other" column. Enter Journal Entry #1 with the date of 1/1/2021. The journal entry appears below. Under "Description," type "Beginning Balance." For Accounts Receivable and Accounts Payable, you will need to fill in the "Name" column. For Accounts Receivable, click "Add New* from the drop-down menu in the "Name" column. Enter "A Customer" as the name and choose "Customer" as the type. Click "Save." For Accounts Payable, click "Add New" from the drop- down menu in the "Name" column. Enter "A Vendor" as the name and choose "Vendor as the type. Click “Save." Account Cash Debits Description Beginning Balance Beginning Balance Beginning Balance Beginning Balance Beginning Balance 250 Beginning Balance 400 Beginning Balance 3,200 Beginning Balance 43,350 Beginning Balance Beginning Balance 3,450 Beginning Balance Beginning Balance Beginning Balance Beginning Balance Credits Name 22,550 Accounts Receivable Office Supplies Prepaid Insurance Truck 1,300 A Customer 700 750 20,000 Accumulated Depreciation - Truck Accounts Payable Unearned Revenue Owner's Capital Owner's Withdrawals A Vendor 2,000 Service Revenue Salaries Expense Fuel Expense Rent Expense 1,500 250 1,600 STEP THREE: Confirm your unadjusted trial balance. Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the “For My Accountant" menu and choose "Trial Balance." Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Trial Balance as a pdf file for use in preparing your adjusting entries in Step Four. STEP FOUR: Enter your adjusting entries. Using the Trial Balance prepared in Step Three and the data below, prepare and enter the five necessary adjusting entries for the month of January 2021. Adjustment data: a. Office Supplies on hand, $120. b. Accrued Service Revenue, $1,200. c. Accrued Salaries Expense, $1,000. d. Prepaid Insurance for the month has expired, $250. e. Depreciation was recorded on the truck for the month, $250. The adjusting entries should be input as Journal Entries 2 through 6, dated “January 31, 2021," using the directions provided in Step Two, above. For the "Description," enter “Adjusting Entry" and the letter of the adjustment from above. STEP FIVE: Prepare the financial statements. Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Profit and Loss." This is the company's income statement. Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Profit and Loss statement as a pdf file named "LastnameFirstinitial.ACC250.QB.PL." Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Balance Sheet." Choose "Custom" for the date description and enter the dates "1/1/2021" to "1/31/2021." Click "Run Report." Save the Balance Sheet as a pdf file named "LastnameFirstinitial.ACC250.QB.BS." Submit your two financial statement files in LoudCloud. Congratulations! You have completed your assignment. Thank you for exploring QuickBooks! D24 fe A B D 1 Account Name Турe Detail Type 2 Cash 3 Accounts Receivable 4 Office Supplies 5 Prepaid Insurance 6 Truck 7 Accumulated Depreciation - Truck 8 Accounts Payable 9 Salaries Payable Bank Checking Accounts Receivable Accounts Receivable Other Current Assets Other Current Assets Other Current Assets Prepaid Expenses Fixed Assets Vehicles Accumulated Depreciation Accumulated Depreciation Accounts Payable Accounts Payable Other Current Liabilities Other Current Liabilities 10 Unearned Revenue Other Current Liabilities Other Current Liabilities 11 Owner's Capital 12 Owner's Withdrawals 13 Service Revenue 14 Salaries Expense 15 Depreciation Expense Truck 16 Insurance Expense Owner's Equity Owner's Equity Owner's Equity Owner's Equity Service/Fee Income Income Expenses Cost of Labor Other Expense Depreciation Expenses Insurance 17 Fuel Expense 18 Rent Expense 19 Supplies Expense Shipping, Freight & Delivery Rent or Lease of Buildings Expenses Expenses Expenses Supplies & Materials 20
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South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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