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Option #1: Practice in QuickBooks™: The Case of Sam’s Company
QuickBooks software is required for this assignment.
Go to Home page, select the widget to the direct top right of the word ‘help’ and select on the left side ‘settings’, then company setting.
For each edit, hit the pen picture on the right hand side of each section. Enter the company name, Sam’s Company (option 1)
- In the home page, go to the top right hand corner, to the right of the name of the company, click the gear symbol, which is the main link for everything you need for changes.
- Input is on the left-hand side of the home page with links to customers, vendors, and transactions
- For doing the journal entries below: Go to top panel, in the middle of the top of the screen, where there is a plus sign (+) and select journal entries found in the other section.
- It is up to you to create the correct accounts, with the proper journal entries.
Important to remember:
- Do not forget to click on ‘save and new’ after you input and file.
- Backup your company information many times as you work. To do this, click the button at the bottom of each screen called: save and new
- Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entry
- Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P
Prepare journal entries. Be sure all dates agree with the problem and are not today’s date:
- Go to + for making journal entries: opening equity and title equity as EQUITY.
- Deposit $150,000 to Cash
- In side panel memo of cash write: Initial deposit from owner
- Buys for cash furniture and equipment from Weiss, add new vendor Weiss, for $50,000.
- In side panel memo of cash write: For furniture and equipment from Weiss
- Deposit on bank money market the amount of $40,000 from Pat B, add new customer, Pat B, for Consulting Revenue
- In side panel memo of cash write: Work completed on 6/10/15 for Pat B
- Pay Wansi, add new vendor Wansi, for $5,000 for purchase of supplies which are other current assets, inventory
- In side panel memo of cash write: For purchase of supplies from Wansi
- Deposit on bank money market the amount of $120,000 from Bill Mak, add new customer, Bill Mak, for Consulting Revenue
- In side panel memo of cash write: Work completed on 6/31/2015 for Bill Mak
- Pay #1 Employee, add new employee #1 Employee, for $3,000 for purchase of supplies which are other current assets, inventory
- In side panel memo of cash write: Payroll expense to #1 Employee for month of June 2015
Enter above transactions into QuickBooks. To submit: go to homeà reportsà balance sheet and be sure your dates include June 1 to June 30, 2015. Click on the cash link on the balance sheet. Cut and paste just the cash report into a document to submit.