Note Some Screens Might Have Slightly Changed Versions From The Scree ✓ Solved

Note: some screens might have slightly changed versions from the screenshots posted below. Please remember that reading directions and following them carefully is important. You will be counted off for any directions not followed. Remember QB updates their website very often so a few of the screen shots might be in a different format by the time this QB project is assigned, but all steps should be similar. Part A - You will work through the journal entries from Problem 3-1 from your textbook: 1.

Login to your Quickbooks company. 2. The first thing you will do is set up the accounts in P3-1, part a. 3. Click on “Accounting†in the menu on the left.

And See your Chart of Accounts. 4. Then click on “New†at the top right. 5. There are default accounts.

But, let’s use the same accounts as the book. Begin creating the first account listed in part (a) – Cash. Use your accounting knowledge to set these up. For example, cash will be a bank account. a. 6.

Click Save and Close 7. Continue with the other accounts. Use your accounting knowledge to set up the accounts. Note: for income summary – this is an equity account. There is not a good Detail Type to use for it… use Accumulated Adjustment.

8. Now you will book your journal entries. Click on the + sign at the top right and choose Journal Entry. All entries are in 2020. a. 9.

For example, your first journal will look like this: a. b. Be sure to use the correct date, accounts, dollar amount, and type in the description from the book. Then click Save and New. c. Note that on Sept. 2nd, when you use A/P you will have to create a new vendor.

Quickbooks allows you to do this as you do the JE. Click on the dropdown box at the far right under Name. Choose Add New. Complete the information. See below… i. ii.

Later - when you use A/R, create a customer named “variousâ€. 10. You will not close the accounts (quickbooks automatically closes them). Part A Submission - 1. Submit the following reports **Export each report and save them as PDFs, your name and then the name of the report, then A (for part A).

For example: JohnDoeAccountListA. You will be counted off points if you do not name your documents correctly**: a. All reports are for the period 9/1– 9/30 b. To export (there is a button in the top right corner) 2. Go to reports > located on the left-hand side a.

Account list b. Profit and Loss (Income Statement) c. Balance Sheet d. Journal 3. Now go to Who Owes You a.

Accounts Receivable Aging Summary 4. Now go to What You Owe a. Accounts Payable Aging Summary Part B – 1. As a continuation of the above business, record the following journal entries for October 2020. Note that you may have to create new accounts for some transactions. a.

10/5 Purchased Office Supplies on account from Office Depot , 0 b. 10/8 Bill patients ,000 for services performed. c. 10/8 Pay Rent 0. d. 10/20 Pay Salaries and Wages, 0 e. 10/25 Pay Utilities, 0 f.

10/31 Purchase land with a long-term notes payable, ,000 g. 10/31 Collect