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ACCOUNTING CYCLE REVIEW PROBLEM WITH PEACHTREE

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ACCOUNTING CYCLE REVIEW PROBLEM WITH PEACHTREE Powered By Docstoc
					                              ACCOUNTING CYCLE REVIEW PROBLEM B
                                       WITH PEACHTREE
                                      WIND IN YOUR SAILS


1. Getting Started

Save the Review_Problem_B_[Your Name]_Wind_In_Your_Sails.ptbdata file to your computer. The
Peachtree data files are located on the textbook website. It is recommended that you set up a new folder
for your Peachtree files so they are easy to locate later. (You cannot click directly on a Peachtree
data file to open it. Peachtree files must be opened from the Peachtree program).

2. Restore the file Review_Problem_B_[Your Name]_Wind_In_Your_Sails.ptb
After loading the Peachtree program, click on the File menu from the tool bar and select Restore. In
the next screen Select Back Up File, the click on Browse and locate the file you saved in Step 1
(Review_Problem_B_[Your Name]_Wind_In_Your_Sails.ptb). Once you locate the file, click Next.
When you see the Select A New Company screen with the company name in the box, click Next. The
Restore Options screen will now appear. Be sure only the box next to Company Data is checked, and
then click Next. On the next screen, click Finish. You will see a message that your company is now
open.


3. Modify Your Company Name

To identify your company data files and reports, insert your name into the Company Name. Select
Maintain from the menu bar. Then select Company Information. Enter YOUR NAME (FIRST, LAST) in
front of the existing company file name (example: John Doe Wind In Your Sails). Click OK.


4. Check the System Date and Period

Before entering transactions, be sure to check the system date at the top of your entry screen. The
system date should be set to June 1, 2013. This will make data entry easier. If your system date
needs to be changed, click on Options, then click the Change System Date icon. Change the date to
June 1, 2013 and click OK. The period should show 6/1/13 – 6/31/13. If the period needs to be
changed, click on the period box on the top of the entry screen to make the change.

5. Your Chart of Accounts is pre-loaded in Peachtree (p. 233)

To view the Chart of Accounts in Peachtree, select Lists, then Chart of Accounts. The Chart of
Accounts is also available in the Accounting Cycle Review Problem B located in your text on page 233.

6. Use the Year 2013 for Accounting Cycle Review Problem B

The date used for recording transactions and/or preparing reports is extremely important in
Peachtree. If the correct month/day/year information is not used, it may be difficult to retrieve data
and reports will not reflect accurate information. For all Peachtree problems in this text, we will use
the year 2013 for recording transactions and preparing reports.




College Accounting, 11e Accounting Cycle Review Problem B – Wind In Your Sails Peachtree Instruction      1
7. Enter the June transactions in the General Journal (located on pages 233-234)

From the Tasks menu, select General Journal Entry. Enter the date of the transaction in the Date
field, or click on the calendar icon and select the date. The Reference box will be left blank, unless
your instructor tells you otherwise. Click in the GL Account column and select the account to be
debited from the drop-down list. Tab to the Description column and enter a brief transaction
description. Tab to the Debit column and enter the amount. Tab three times to the GL Account
column (or click on the column) on the next line and select the account to be credited from the drop-
down list. The description will default to the one you entered for the debit. Tab three times to the
Credit column (or click on the column) and enter the credit amount. Click Save on the Icon Bar to
continue to the next transaction. Click Close if you are finished entering transactions. Enter the
transactions in date order and remember to use 2013 as the year for all transactions.

8. Prepare a General Journal report

From the Reports & Forms menu, select General Ledger and then double click on General Journal.
The transactions for the current period should be displayed. If not, click on Options and change the
dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report, double click the
transaction bring up the journal entry window. Make your desired corrections, and click Save. If
prompted, click Yes to verify the change. To print the report, click the Print button.

9. Prepare a General Ledger report

From the Reports & Forms menu, select General Ledger, and then General Ledger. The
transactions for the current period should be displayed. If not, click on Options and change the dates
to June 1, 2013 to June 30, 2013. To edit any transactions from the report, double click the
transaction to bring up the journal entry window. Make your desired corrections, and click Save. If
prompted, click Yes to verify the change. To print the report, click the Print button.

10. Prepare a Trial Balance report (unadjusted)

From the Reports & Forms menu, select General Ledger, and then General Ledger Trial Balance.
The transactions for the current period should be displayed. If not, click on Options and
change the dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report,
double click the transaction to bring up the journal entry window. Make your desired corrections, and
click Save. If prompted, click Yes to verify the change. To print the report, click the Print button.


11. Enter adjusting entries for June 2013 (p. 235)

Using the Unadjusted Trial Balance report prepared in Chapter 3 and the adjustment information
provided in the text (p. 235), enter the appropriate adjusting entries in the General Journal. For
each adjusting entry, enter Adjusting Entry as part of the June 30, 2013

From the Reports & Forms menu, select General Ledger, and then General Ledger Trial Balance.
The transactions for the current period should be displayed. If not, click on Options and change the
dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report, double
click the transaction to bring up the journal entry window. Make your desired corrections, and click
Save. If prompted, click Yes to verify the change. To print the report, click the Print button.




College Accounting, 11e Accounting Cycle Review Problem B – Wind In Your Sails Peachtree Instruction     2
12. Prepare an Income Statement

 From the Reports & Forms menu, select Financial Statements and then <Standard> Income
Stmnt. The transactions for the current period should be displayed. If not, click on Options and
change the dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report,
double click the transaction to bring up the journal entry window. Make your desired corrections, and
click Save. If prompted, click Yes to verify the change. To print the report, click the Print button.


13. Prepare a Statement of Owner’s Equity

From the Reports & Forms menu, select Financial Statements and then <Standard> Retained
Earning. The transactions for the current period should be displayed. If not, click on Options and
change the dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report,
double click the transaction to bring up the journal entry window. Make your desired corrections, and
click Save. If prompted, click Yes to verify the change. To print the report, click the Print button.

14. Prepare a Balance Sheet report

From the Reports & Forms menu, select Financial Statements and then <Standard> Balance Sheet.
The transactions for the current period should be displayed. If not, click on Options and change the
dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report, double click the
transaction to bring up the journal entry window. Make your desired corrections, and click Save. If
prompted, click Yes to verify the change. To print the report, click the Print button.


15. Journalize Closing Entries for June 2013

Using information from the adjusted Trial Balance report, enter the closing entries in the General
Journal. For each closing entry, enter Closing Entry as part of the description in the Memo column.

16. Prepare a Post-closing Trial Balance Report

From the Reports & Forms menu, select General Ledger, and then General Ledger Trial Balance.
The transactions for the current period should be displayed. If not, click on Options and
change the dates to June 1, 2013 to June 30, 2013. To edit any transactions from the report,
double click the transaction to bring up the journal entry window. Make your desired corrections, and
click Save. If prompted, click Yes to verify the change. To print the report, click the Print button.

17. Save a Backup File of Your Work

From the File menu, select Backup. When the next screen appears, make sure the box next to
Company Name In Backup File Name is checked. Click Backup. Find the folder where you want to
save your file. Rename your file Review_Problem_B_Your Name]_Wind_In_Your_ Sails, then click
Save. Next, you will see a message about how much space a company backup file will use, just click OK.
Submit your backup file to your instructor if requested. Now click on File and then click Close Company.




College Accounting, 11e Accounting Cycle Review Problem B – Wind In Your Sails Peachtree Instruction    3

				
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