Quickbooks assignment

Assignment

Introduction to QuickBooks™: JournalEntries for Merchandising Activities: Sales and Purchases 

This assignment requires Quickbooks software

 1. Settingup company:

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, Pit Bull Sings T-Shirt. Enter information as indicatedbelow:

Company address: c/o CSU- Global; 7800 Orchard Road- Suite200

City:  Greenwood Village, CO 80111

State: CO

ZIP code: 80111

Phone Number: 999.999.9999

Choose Accrual Basis

Go to advanced settingand be sure everything is turned on except the accounting setting for theclosing of the books.

X out of this screen, which returns you to the home page.

TIPS:

• Inthe home page, go to the top right hand corner, to the right of the nameof the company, click the gear symbol, which is the main link foreverything you need for changes.
• Inputis on the left-hand side of the home page with links to customers,vendors, and transactions. Add one customer (see tight top corner for thebutton for new): Lair Corp. Add three vendors: Arotek, Sheng Freight, andWaters Corporation. Also in the left, in chart of accounts, be sure thereis a current asset account called accounts receivable and a currentliability account called accounts payable.
• Fordoing the journal entries below: Go to top panel, in the middle of the topof the screen, where there is a plus sign (+) and select journal entriesfound in the other section. In the cash on and credit to opening equity,give company an opening balance of $100,000 cash and equity.
• Itis up to you to create the correct accounts, with the proper journalentries
• Importantto remember:

1. 

1. Do not forget to clickon ‘save and new’ after you input and file.

2. Backup your companyinformation many times as you work. To do this, click the button at the bottomof each screen called: save and new

3. Always check to besure your input dates are correct. Transaction input date are on the top leftside above the journal entryAlways best to record terms within the journalentry in the extra line provided to the right of A/R or A/P

4. Always best to recordterms within the journal entry in the extra line provided to the right of A/Ror A/P

2. Prepare journal entries.Be sure all dates agree with the problem and are not today’s date

• AUG1, 2015 – Purchased T-shirts (BI= 0, other assets, inventory) from Arotek.Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek,vendor, terms are 1/10, n/30.
• AUG4, 2015 – At Arotek’s request, Pit Bull sings paid $200 cash to ShengFreight for freight expenses on the August 1.
•  AUG5, 2015 – Sold merchandise to Laird Corp. 1040 T-shirts at $5.00 each.Liar Corporation, customer, is given credit terms to 2/10, n/60, FOBdestination. The merchandise had cost of $3.846. Round to nearest dollar.
• AUG8, 2015 – Purchased Specialized T-shirts from Waters Corporation. Bought1000 shirts at $4.50 each. Waters Corporation, vendor, terms are 1/10,n/45.
• AUG9, 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round tonearest dollar.

Instructions: Enter above transactions intoQuickBooks.  To submit: go to home/reports/balance sheet and be sure your dates include August 1,2015 to August 8, 2015. Also click on the inventory figure on the balance sheetto see the transactions within inventory. Cut and paste both of these reportsinto a document.