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AC107 Assignment - Week 5

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AC107 Assignment - Week 5 Powered By Docstoc
					PLEASE NOTE: THE INSTRUCTIONS FOR WEEK 5
ARE DIFFERENT FROM PREVIOUS WEEKS!!!!!
You will upload two separate files this week, your QuickBooks file from Exercises 3-1 and 3-2, and
your regular assignment file, Acct'g I Week 5 Assignments. Both of these must be uploaded in the Week
5 Weekly Learning Activities folder, Week 5 Assignment area.

YOU MUST ATTACH BOTH FILES BEFORE YOU CLICK 'SUBMIT'! If you submit after
attaching only one file, you will not be able to access the assignment upload area to submit the second
file! Here are the instructions for submitting two files:

When you are in the assignment upload area, submit one of the files, but DO NOT HIT SUBMIT!
Instead click on "Add another file". Your first file will appear as a link. Go back to the "Attach local file"
field, then Browse to locate and select your second file. Now click submit! Both of your files will be
submitted together.

             QUICKBOOKS ASSIGNMENT, CHAPTER 3 - NEW COMPANY SETUP

You may want to print these detailed instructions for exporting QuickBooks reports to Excel.
You do not have to print the assigned reports unless you want a hard copy for future reference.

Exercise 3-1
Chart of Accounts:
 * Follow this path to export the chart of accounts:
    Report Center: Accountant & Taxes: Account Listing

 * Once the report has opened, click on the "Export" button at the top of the page. A window will
   pop up asking you to select some options.

 * In the Basic tab select "A new Excel Workbook" and leave the checkmark in front of the selection
  "Include a new worksheet in the workbook that explains Excel worksheet linking." This worksheet
  will provide helpful information for you if you have any difficulties with this process.

 * In the Advance tab click on the radio button for "Send header to screen in Excel". If you do not
   select this option your company name and the name of the file will not appear on your reports.

 * Click "Export" at the bottom of the window. An Excel workbook will open. The first tab has has
   helpful hints for exporting to Excel. The second tab is your chart of accounts. Change the name of
   the tab to "COA". You will be saving several files in this workbook and it is important to
   identify each one.

 * SAVE THIS EXCEL FILE IN YOUR AC107 FOLDER WITH A NAME SUCH AS "QB CHAPTER 3".

 * After saving you must close the Excel file before you can export the next file.
Journal
 * Follow this path to locate the journal: Report Center: Accountant and Taxes: Journal

 * Change the date to: Sept. 30 (this year) to Oct. 31 (this year)
   Here is a hint to be sure that your journal is correct: The total of debits and credits is $112,910.

 * Click "Export" at the top of the page. This time select "an existing workbook" to save the journal in
   the same file as your chart of accounts. Be sure that the correct path to your Excel file appears in the
   Browse field. When you are sure it is correct, click "Export".

 * Your Excel file will open. Rename the "Journal" tab, save the report, then close the Excel file.


Transaction Detail by Account
Follow this path to locate the Transaction Detail by Account:

Report Center: Accountant & Taxes: Transaction Detail by Account
Before you export this report be sure that it agrees with the one shown on pp. 90-91.

Follow the same instructions that you used to save the journal. Select "an existing workbook", be sure
that your file path appears in the Browse field, then click "Export". When your Excel file opens rename
the tab, save the report, then close the Excel file.

Exercise 3-2
The reports for exericise 3-2 will be saved in the same Excel file where you saved the previous reports.
Follow the instructions above to save each one.

Trial Balance
Follow this path to locate the trial balance: Report Center: Accountant & Taxes: Trial Balance.
Change the dates and be sure that your report matches the one shown on page 92.

Profit and Loss Report - This is just another name for the income statement.
Follow this path to locate the P&L: Report Center: Company & Financial: P&L: Standard
Change the dates and be sure that your report matches the one shown on page 93.

Balance Sheet
Follow this path to locate the balance sheet:
Report Center: Company & Financial: Balance Sheet & Net Worth: Standard
Change the dates and be sure that your report matches the one shown on page 94.




Your week 5 assignment from your textbood includes problems from Chapters 10 and 11 which
you will find in the following tabs.

Before you begin working on the assignment, I suggest that you create a folder for all of your
Accounting I assignments in the Documents folder. You might want to name this folder "AC107".

After you open this file, please save the entire file to your AC107 folder.

 IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL
 LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if
 you do not SAVE the file first!

  Be sure to submit the entire file in the assignment upload area! Please do not try to save
 and send the tabs separately!
3".
                      Jessie Jane's Campus Delivery Service
                                Chart of Accounts
Account                      Title                     Description     Normal
 Number                                                                Balance
  101     Cash                                   B/S - Asset             DR
  122     Accounts Receivable                    B/S - Asset             DR
  141     Supplies                               B/S - Asset             DR
  145     Prepaid Insurance                      B/S - Asset             DR
  185     Delivery Equipment                     B/S - Asset             DR
  185.1   Accum Depreciation-Office Equipment    B/S - Contra Asset      CR
  202     Accounts Payable                       B/S - Liability         CR
  219     Wages Payable                          B/S - Liability         CR
  311     Jessie Jane, Capital                   O.E. & B/S - Equity     CR
  312     Jessie Jane, Drawing                   O.E.- Equity            DR
  401     Delivery Fees Revenue                  I/S - Revenue           CR
  511     Wages Expense                          I/S - Expense           DR
  521     Rent Expense                           I/S - Expense           DR
  523     Supplies Expense                       I/S - Expense           DR
  525     Telephone Expense                      I/S - Expense           DR
  535     Insurance Expense                      I/S - Expense           DR
  541     Deprec. Exp - Delivery Equipment       I/S - Expense           DR


B/S = Balance Sheet
I/S = Income Statement
O.E = Statement of Owner's Equity
CHART OF ACCOUNTS
ASSETS                  REVENUE
EXPENSES                LIABILITIES
DRAWING                  EQUITY


This is the chart of accounts for Jessie Jane's Campus Delivery Service.


A chart of accounts lists all general ledger accounts. It is like a
table of contents.


Assets, expenses and the Drawing account all
have normal DEBIT balances.
That means that we increase these accounts by recording
the amount in the left, debit column. We reduce these
accounts by doing just the opposite. We record a decrease
by recording the amount in the right, credit column.




Liabilities, revenue and the Capital account all
have normal CREDIT balances.
That means that we increase these accounts by recording
the amount in the right, credit column. We reduce these
accounts by doing just the opposite. We record a decrease
by recording the amount in the left, debit column.
     Chapters 10 & 11

     Provide a short explanation of each of the accounting terms listed below:
     You can research these terms at the end of the chapters and in the glossary.

DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN!

   1 Cash discounts
   2 Contra-purchases account
   3 Contra-revenue account
   4 Controlling account
   5 Cost of goods sold
   6 FOB Destination
   7 FOB Shipping Point
   8 Gross profit (gross margin)
   9 Purchases account
  10 Sales allowance
  11 Subsidiary ledger
  12 Trade discount
                                      PROBLEM 10-11A & 10-12A
                Complete Problems 10-11A & 10-12A found on page 386-387 of your textbook.

       Record the account names, the debit OR credit amount, and the posting references.
       Some of the account names are provided. If you cannot locate a checkmark symbol for the
       posting reference use a lower case "x".
       The dates and descriptions have also been provided. After the journal
       is completed, post the transactions to the general ledger in the P10-11A GL tab and then
       post any Accounts Receivable entries to the Accounts Receivable ledger found in the
       P10-11A AR Ledger tab. Then complete the Shedule of Accounts Receivable.
       Use this chart of accounts for your posting references:

                                            101     Cash
                                            122     Accounts Receivable
                                            231     Sales Tax Payable
                                             401    Sales Revenue
                                            401.1   Sales Returns and Allowances

                     REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION!

      Here's a hint: When the customer pays an invoice after some of the goods have been returned
       subtract the selling price of the goods returned from the selling price of goods on the original
      invoice. Then calculate sales tax payable on the price of the goods that the customer kept. The
         customer will pay for the total of the remaining goods plus the sales tax on those goods.


        DATE                  ACCOUNTS & DESCRIPTIONS                     POST REF       dr
J.1    Mar. 1     Accounts Receivable/Able & Co.                           122/x


                  Sale on account no. 33C


        DATE                  ACCOUNTS & DESCRIPTIONS                     POST REF       dr
J.2    Mar. 3     Accounts Receivable/R.J.Kalas, Inc.                      122/x


                  Sale on account no. 33D
       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.3   Mar. 5

                          Accounts Receivable/Able & Co.    122/x
                Credit memo no. 66 for return of goods




       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.4   Mar. 7    Cash                                         101


                Cash Sales for the week




       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.5   Mar. 10
                         Accounts Receivable/Able & Co.     122/x
                Payment received on no. 33C less return




       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.6   Mar. 11

                           Sales Revenue                     401
                Sale on account no. 33E




       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.7   Mar. 13   Cash                                         101

                Payment received on no. 33D




       DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr
J.8   Mar. 14

                           Sales Tax Payable                 231
                Cash Sales for the week
       DATE                 ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.9   Mar. 16

                          Accounts Receivable/Blevins Bakery     122
                CM No. 67 for returned goods.




      DATE                  ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.10 Mar. 18
                          Sales Revenue                          401

                Sale on account no. 33F




      DATE                  ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.11 Mar. 20    Cash                                             101

                Payment received on no. 33E less return CM67




      DATE                  ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.12 Mar. 21
                          Sales Revenue                          401

                Cash sales for the week.




      DATE                  ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.13 Mar. 25    Accounts Receivable/Blevins Bakery              122/x


                Sale on account no. 33G


      DATE                  ACCOUNTS & DESCRIPTIONS            POST REF   dr
J.14 Mar. 27    Accounts Receivable/Thompson Group              122/x


                Sale on account no. 33H
      DATE                 ACCOUNTS & DESCRIPTIONS   POST REF   dr
J.15 Mar. 28   Cash                                    101


               Cash sales for the week.
our textbook.


symbol for the


tab and then




CTION!

ve been returned
ds on the original
 stomer kept. The
n those goods.


                 cr




                 cr
cr




cr




cr
       Be sure to subtract the selling price of the
       earlier return from the original cost of goods
       before calculating sales tax payable on the
       remaining goods. The customer will pay for the
     remaining goods plus the sales tax on those goods.

cr




cr




cr
cr




cr




cr   Be sure to subtract the selling price of the
     earlier return before calculating sales tax
     payable on the remaining goods. The customer
     will pay for the remaining goods plus the sales




cr




cr




cr
cr
                                 PROBLEM 10-11A & 10-12A
Post the journal entries to the general ledger. Be sure to calculate and show the new
balance after each transaction. The correct ending balances have been provided for you.


Account: CASH                                                      Account No.     101
                                        POST     (transaction)            (balance)
 DATE                  ITEM              REF   DEBIT     CREDIT       DEBIT      CREDIT
Mar.1     Beginning balance                                          9,741.00
Mar. 7    Cash sales for the week        J.4
Mar. 10   Payment-Able & Co. #33C        J.5
Mar. 13   Payment-R.J.Kalas #33D         J.7
Mar. 14   Cash sales for the week        J.8
Mar.20    Payment-Blevins Bakery #33E   J.11
Mar. 21   Cash sales for the week       J.12
Mar.28    Cash sales for the week       J.15                        29,651.88




Account: ACCOUNTS RECEIVABLE                                    Account No.    122.00
                                        POST     (transaction)         (balance)
 DATE                   ITEM             REF   DEBIT     CREDIT    DEBIT      CREDIT
Mar. 1    Beginning balance                                       1,058.25
Mar. 1    Able & Co. #33C                J.1
Mar. 3    R.J. Kalas #33D                J.2
Mar. 5    Able & Co. CM #66              J.3
Mar. 10   Payment-Able & Co. #33C        J.5
Mar.11    Blevins Bakery #33E            J.6
Mar. 13   Payment-R.J.Kalas #33D         J.7
Mar.16    Blevins Bakery CM#67           J.9
Mar.18    R.J. Kalas #33F               J.10
Mar.20    Payment-Blevins Bakery #33E   J.11
Mar.25    Blevins Bakery #33G           J.13
Mar.27    Thompson Group #33H           J.14                         8,133.33
Account: SALES TAX PAYABLE                                  Account No.    231.00
                                    POST     (transaction)         (balance)
 DATE                   ITEM         REF   DEBIT     CREDIT    DEBIT      CREDIT
Mar.1     Beginning balance                                                  -0-
Mar.1     Able & Co. #33C            J.1
Mar. 3    R.J. Kalas #33D            J.2
Mar. 5    Able & Co. CM #66          J.3
Mar. 7    Cash sales for the week    J.4
Mar.11    Blevins Bakery #33E        J6
Mar. 14   Cash sales for the week    J.8
Mar.16    Blevins Bakery CM#67       J.9
Mar.18    R.J. Kalas #33F           J.10
Mar.21    Cash sales for the week   J.12
Mar.25    Blevins Bakery #33G       J.13
Mar.27    Thompson Group #33H       J.14
Mar.28    Cash sales for the week   J.15                                   1,998.96




Account: SALES REVENUE                                      Account No.    401.00
                                    POST     (transaction)         (balance)
 DATE                   ITEM         REF   DEBIT     CREDIT    DEBIT      CREDIT
Mar. 1    Beginning balance                                                  -0-
Mar. 1    Able & Co. #33C            J.1
Mar. 3    R.J. Kalas #33D            J.2
Mar. 7    Cash sales for the week    J.4
Mar.11    Blevins Bakery #33E        J6
Mar. 14   Cash sales for the week    J.8
Mar.18    R.J. Kalas #33F           J.10
Mar. 21   Cash sales for the week   J.12
Mar.25    Blevins Bakery #33G       J.13
Mar.27    Thompson Group #33H       J.14
Mar.28    Cash sales for the week   J.15                                  25,061.00




Account: SALES RETURNS AND ALLOWANCES                       Account No.       401.1
                                  POST       (transaction)         (balance)
 DATE               ITEM           REF     DEBIT     CREDIT    DEBIT      CREDIT
Mar. 1 Beginning balance                                                     -0-
Mar. 5 Able & Co. CM #66           J.3
Mar.16 Blevins Bakery CM#67        J.9                            74.00
                 PROBLEM 10-11A & 10-12A

Complete the Accounts Receivable Ledger and then the Schedule of Accounts Receivable

Hint: The easiest place to find the transactions for the A/R Ledger is the general ledger
for Accounts Receivable. Be sure to calculate and record the new balance after every
transaction is posted.

Name: Able & Co.
Address: 1424 Jackson Creek Road, Nashville, IN 47448
                        POST       (transaction)         (bal)
 DATE        ITEM        REF     DEBIT      CREDIT
 Mar. 1      #33C        J.1
 Mar. 5     CM #66       J.3
Mar. 10      #33C        J.5




Name: Blevins Bakery
Address: 6422 E. Bender Road, Bloomington, IN 47401
                        POST       (transaction)         (bal)
 DATE        ITEM        REF     DEBIT      CREDIT
Mar. 11      #33E         J.6
Mar. 16     CM #67        J.9
Mar.20       #33E        J.11
Mar.25       #33G        J.13


Name: R.J. Kalas, Inc.
Address: 3315 Longview Ave, Bloomington, IN 47401
                       POST       (transaction)          (bal)
 DATE        ITEM       REF     DEBIT      CREDIT
 Mar. 3      #33D        J.2
Mar.13       #33D        J.7
Mar.18       #33F       J.10


Name: Thompson Group
Address: 2300 E. National Rd, Cumberland, IN 46229
                         POST      (transaction)         (bal)
 DATE        ITEM         REF    DEBIT      CREDIT
 Mar.1 Beginning Bal        x                           1,058.25
Mar.27       #33H         J.14
              OWENS DISTRIBUTORS
        SCHEDULE OF ACCOUNTS RECEIVABLE
                    31-Mar-10

                               Balance
Able & Co.                         0.00
Blevins Bakery                 2,068.20
R.J. Kalas, Inc.               2,829.60
Thompson Group                 3,235.53
        TOTAL                  8,133.33 Be sure that this amount agrees with
                                        the ending balance in the Accounts
                                        Receivable account in the general
                                        ledger!
                     CHAPTER 11 - PROBLEM 11-11A, page 427          PART 1 ONLY!

Use the information provided for the transactions of Flint Fantasies in problem 11-11A, page 437, to
complete the journal entries. You are NOT required to complete the general ledger or accounts payable
ledger. (These ledgers would be completed exactly the same way that you completed the A/R ledger in the
previous tabs.) There are examples of these journal entries on pages 403 and 404.

Record the account names, the debit and credit amounts, and the posting references. Some of the
the account names have been provided, as well as the dates, descriptions.

                 REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION!

Here are some hints: Discount amounts are not recorded at the time of the purchase, only when
the invoice is paid within the discount period. Discounts are taken on the amount AFTER
subtracting any returns.

These are the accounts to be used:
101 Cash                                     501    Purchases
                                            501.1   Purchase Returns & Allowances
202 Accounts Payable / Co. Name             501.2   Purchase Discounts
                                             521    Rent Expense

JE# DATE             ACCOUNTS & DESCRIPTIONS                  POST REF      dr          cr
J.1 Jul 1 Rent Expense                                          521

            Ck. No. 414 - Rent paid


JE# DATE            ACCOUNTS & DESCRIPTIONS                   POST REF      dr          cr
J.2 Jul 1 Purchases                                             501

            Purchase - Invoice #311


JE# DATE                ACCOUNTS & DESCRIPTIONS               POST REF      dr          cr
J.3 Jul 3

            Purchase - Invoice #812


JE# DATE             ACCOUNTS & DESCRIPTIONS                  POST REF      dr          cr
J.4 Jul 5 Accounts Payable / Tang's Toys                       202/√

            Merchandise returned
JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.5 Jul 8
                      Accounts Payable / Daisy's Dolls    202/√
              Purchase - Invoice #139




JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.6 Jul 11

                      Purchase Discounts                  501.2
              Payment to Tang's Toys; Ck no. 415




JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.7 Jul 13
                       Cash                                101

              Payment to Sillas & Co.; Ck no. 416




JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.8 Jul 15
                      Purchase Returns & Allowances       501.1
              Returned goods to Daisy's Dolls


JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.9 Jul 18


              Payment to Daisy's Dolls - Ck no. 417




JE# DATE                  ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.10 Jul 25

              Purchase - Invoice #489
JE# DATE              ACCOUNTS & DESCRIPTIONS           POST REF   dr   cr
J.11 Jul 26 Purchases                                     501

              Purchase - Invoice #375




JE# DATE                 ACCOUNTS & DESCRIPTIONS        POST REF   dr   cr
J.12 Jul 29
                      Accounts Payable / Sillas & Co.    202/√
              Purchase - Invoice #883
Hint: Don’t forget that Flint returned
some merchandise to Tang's Toy's. He
is paying for, and taking the discount on,
the goods that were not returned.

				
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