QuickBooks Online Computerized Accounting Project: Chapter 7 The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: You will need to make one journal entry dated 12/31/2019 to bring these balances into your QBO file as a starting point before you begin your entries for 2020. Tile, Etc. had the following transactions in Year 2020: 1. 02/17/2020 : Purchased merchandise on account for $665,000. 2. 03/08/2020 : Sold merchandise that cost $505,000 for $1,060,000 on account. 3. 04/24/2020 : Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020 : Sold merchandise for $275,000 to credit card customers. The merchandise had A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11a \& 11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QQBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas. Chapter 7 QBO Assignment Updated 2023.docx Download Page 4> of 5 0 (i) Info Close A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11 a \& 11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QBBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas. Chapter 7 QBO Assignment Updated 2023.docx Download Page 3> of 5 b. Enter the Journal entries for these transactions Into your QBO Ime etc. Tile. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020. 3. Prepare a statement of cash flows for Year 2020. A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11a&11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QBBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas. Tile, Etc. had the following transactions in Year 2020: 1. 02/17/2020 : Purchased merchandise on account for $665,000. 2. 03/08/2020 : Sold merchandise that cost $505,000 for $1,060,000 on account. 3. 04/24/2020 : Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020 : Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee. 5. 06/01/2020 : Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a oneyear term to maturity. 6. 06/29/2020: Collected $790,000 cash from accounts receivable. 7. 07/12/2020: Paid $695,000 cash on accounts payable. 8. 08/25/2020 : Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020: Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020: Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5). Required a. Prepare journal entries for these transactions on paper and be sure they are correct. b. Enter the journal entries for these transactions into your QBO Tile Etc. file. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020. A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11a \& 11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QBBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas. QuickBooks Online Computerized Accounting Project: Overview 1) Download these three files and save them on your computer or drive somewhere that you can easily find them later: a. Chapter 7 QBO Assignment b. QuickBooks_Online_COA_Chapter 7 Tile Etc.xlsx c. Chapter 7QBO Beginning Trial Balance.docx 2) QBO Set-up Step 1: You will receive an invitation in your AVC email to create a QuickBooks Online Plus Company. You should accept the invitation and carefully follow the QBO Project - Set-up instructions. 3) Watch the QBO Set-up Step 2 video and follow the instructions to: a. import your chart of accounts b. add account numbers A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11a&11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QBBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas. A. import your chart of accounts B. add account numbers C. and input your beginning trial balance 4. Write out your journal entries for the transactions for Tile Etc. for the year 2020. (1-10 are regular transactions, 11a \& 11b are closing entries.) You can write or type them on the worksheet provided, or just on a piece of paper. This is for you to keep. 5. Watch the "QBBO Project 'How to' Video" 6. Enter your Journal Entries into QBO for the transactions and adjusting entries in the problem. 7. Use QuickBooks Online to prepare your three financial statements and submit them through Canvas