QuickBooks Accounting Assignment $5$ Instructions

$1.$ Enable inventory tracking. Now that the company is using inventory, the workflow will be as follows: the item is purchased

and recorded in the inventory account.When a sale ismade,the itemisremoved from inventory and charged to costof goods

sold.

$2.$ Create the following products using the following setup:

a$.$ Name: Turf Edger

Sales Description: Turf Edger

Sales Price: $$99\mathrm{.}95$

Tax: Taxable when sold, Not taxable when

purchased forresale$($items purchased forresale

are not taxable for most jurisdictions$)$

Purchase Price: $$38\mathrm{.}87$

Reorder Point: $5$

Initial Quantity on Hand: $0$

b$.$ Name: Gas Hedge Trimmer

Sales Description: Gas Hedge Trimmer

Sales Price: $$149\mathrm{.}99$

Tax: Taxable when sold; Not taxable

when purchased for resale

Purchase Price: $$86\mathrm{.}88$

Reorder Point: $5$

Initial Quantity on Hand: $0$

c$.$ Name: Hand Garden Trowel

Sales Description: Hand Garden Trowel

Sales Price: $$19\mathrm{.}95$

Tax: Taxable when sold; Not

taxable when purchased for resale

Purchase Price: $$7\mathrm{.}67$

Reorder Point: $5$

Initial Quantity on Hand: $0$

d$.$ Name: Pruner Lopper

Sales Description: Pruner Lopper

Sales Price: $$78\mathrm{.}50$

Tax: Taxable when sold; Not taxable

when purchased for resale

Purchase Price: $$40\mathrm{.}09$

Reorder Point: $5$

Initial Quantity on Hand: $0$

e$.$ Name: Evergreen Fertilizer

Sales Description: $30$ KG Evergreen Fertilizer

Sales Price: $$39\mathrm{.}95$

Tax: Taxable when sold; Not taxable

when purchased for resale

Purchase Price: $$11\mathrm{.}48$

Reorder Point: $5$

Initial Quantity on Hand: $0$

$3.$ Create a Purchase order for Johnson Supplies for the $1$st of this month. Order the following

supplies $($NOTE: You may have to enable Purchase Orders prior to this exercise$)$:

Turf Edger: $10$

Evergreen Fertilizer: $30$ Bags

$4.$ Create a Purchase Orderfor a new supplier:

Contact: Hanson Garden Supplies

$723$ Speers Road

Oakville, ON L$6$L $2$X$5$

$5.$ Order the following items from Hanson Garden Supplies:

$15$ Pruner Lopper

$20$ Hand Garden Trowel

$10$ GasHedge Trimmer

$6.$ Jon wants to see what$$s on purchase orders as of today. Create and printthe Open Purchase Order

report

$7.$ Receive against the PO for Johnson Supplies. Receive it in full on the $10$th of this month. Use the

bill form to receive the purchase order.

$8.$ Receive againstthe PO for Hanson Garden Supplies. You received allthe Pruner Loppers and

Hand Garden Trowels. When comparing the invoice to the packing slip, you see that you only

received $7$ of the Gas Hedge Trimmers.

$9.$ Pay the bills for Johnson Supplies and Hanson Garden Supplies in full on the last day of

this month.

$10.$ Alice notices customers are buying several garden tools at one time. She has the idea to bundle several

tools together as a Garden Tool Starter Kit. Create the Garden Tool Starter Kit with the following

items and quantities:

a$.1$ Hand Garden Trowel

b$.1$ Pruner Lopper

c$.1$ Turf Edger

Sales Description: Garden Tool Starter Kit

Sales price: The sum of all of the individual sales pricesless $10\%.$

$11.$ Create an invoice for Kelly Buss on the $25$th of this month. Sell one Garden Tool Starter Kit.

$12.$ Receive the payment from Kelly Buss on the $30$th of this month and deposit the amount

directly to the TCU chequing account. She paid with cheque #$1481.$

$13.$ There was a heavy rainstorm at the Green Tree Landscape yard and the roof on the inventory shed

was leaking.As a result, $3$ Gas Hedge Trimmers were damaged. They cannot be sold and will need to

be disposed of$.$Jane has asked you to write offthe inventory as ofthe last day ofthis month. Make

the inventory adjustment to account for the damaged goods. Jane asked you to use an Inventory

Write$-$Off expense account $($Tip: you may have to use the Chart of Accounts to create a new account$)$

$14.$ Alice and Jon want to know the value of the inventory. Create and print the Inventory Valuation Detail

report for them.

$15.$ Alice wants to countthe inventory each month. She$$d like a list of inventory parts as of today. Print

the appropriate report for her.

After two busy months of business, Jon and Alice need to review their business