Using QuickBooks Enter the company name, Shea Corporation. Enter information as indicated below: Company address: c/o CSU- Global; 7800 Orchard Road-...

Using QuickBooks

Enter the company name, Shea Corporation. Enter information as indicated below:

Company address: c/o CSU- Global; 7800 Orchard Road- Suite 200

City: Greenwood Village, CO 80111

State: CO

ZIP code: 80111

Phone Number: 999.999.9999

Choose Accrual Basis

Go to advanced setting and be sure everything is turned on except the accounting setting for the closing of the books

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

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

Journals required:On January 1, 2015, Shea Company issues 700 bonds, 15 years (1000 par value bonds at 97) with a coupon rate of 6% and maturing in 2030. The straight line method is used to amortize any bond discount or premium on a semi-annual basis. Be sure to label the discount or premium as: discount on bonds within long-term liability or premium on bonds within long-term liability (the discount r premium in the system relates to the sale of inventory and does not apply here). Also label to cash inflow and outflows from the bonds including interest payments as: Cash, Bonds- within the bank and checking account. Do not forget the journals required every six months.Two years later, on January 1, 2017, Shea retires 20% of these bonds by buying them on the open market at 104 (or $1040 a bond). All interest and amortization is accounted for by two separate journal entries for each and paid through December 31, 2016, the day before the purchase is to occur. Purchase these bonds with Cash, Bonds within the bank and checking accountRequired:

1. In QuickBooks™, provide the journal entry at January 1, 2015 for the issuance of the 700 bonds.
2. In QuickBooks™, provide the entries for interest expense and amortization expense up to December 31, 2016.
3. In QuickBooks™, provide the journal entry which retires 20% (140 bonds) of the bond in the public market.
4. Go to Company widget, select settings and then chart of accounts. Select Cash, bonds and Bonds, Liability registers. Click on each and you will see the transactions you made in each register. Copy and paste (or export) each to word document being sure two columns of number show and submit to the assignment area.