Complete this assignment after following "ACC-260 QuickBooks Online Registration Instructions" in course materials.

The purpose of this assignment is to have students become familiar with an accounting software package that is used in professional practice. Students will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks.

Step 1:

Import your chart of accounts.

If you have previously used this QuickBooks company to complete your ACC-250 assignments, you will already have your chart of accounts imported and may skip this step.

Go to QuickBooks and log in 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 “ACC-260 QuickBooks Import File” provided in the topic materials. Click “Next.” Click “Next” again, and then click “Import.”

Step 2:

Update your chart of accounts to include accounts related to a manufacturer.

To convert your QuickBooks service company’s accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts.

Those accounts are:

1. Raw Materials Inventory
2. Work in Process Inventory
3. Finished Goods Inventory
4. Wages Payable
5. Factory Overhead
6. Sales Revenue
7. Cost of Goods Sold
8. Selling and Administrative Expenses

Go to QuickBooks and log in to your company. Choose the “Accounting” menu from the left-hand side of the screen, and select “Chart of Accounts.” Click “New” (green button on the upper right side of the screen).

Enter the “Account Type,” “Detail Type,” and “Name” for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter “Save and New” to enter another account. “Save and Close” when you have entered all accounts.

Transcribed Image Text:

Account Name Турe Detail Type Cash Bank Checking Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation - Truck Accounts Payable Salaries Payable Unearned Revenue Owner's Capital 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 Other Current Liabilities Other Current Liabilities Owner's Equity Owner's Equity Owner's Withdrawals Owner's Equity Owner's Equity Service Revenue Salaries Expense Depreciation Expense - Truck Income Service/Fee Income Expenses Cost of Labor Other Expense Depreciation Insurance Expense Expenses Insurance Fuel Expense Rent Expense Supplies Expense Shipping, Freight & Delivery Rent or Lease of Buildings Expenses Expenses Expenses Supplies & Materials Account Name Турe Detail Type Cash Bank Checking Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation - Truck Accounts Payable Salaries Payable Unearned Revenue Owner's Capital 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 Other Current Liabilities Other Current Liabilities Owner's Equity Owner's Equity Owner's Withdrawals Owner's Equity Owner's Equity Service Revenue Salaries Expense Depreciation Expense - Truck Income Service/Fee Income Expenses Cost of Labor Other Expense Depreciation Insurance Expense Expenses Insurance Fuel Expense Rent Expense Supplies Expense Shipping, Freight & Delivery Rent or Lease of Buildings Expenses Expenses Expenses Supplies & Materials

Answer rating: 100% (QA)

obtained The unadjusted trial balance is the listing of general ledger account balances at the end o... View the full answer