1 - To show that you have an understanding of how to use QuickBooks 2 - To show that you have an understanding of how an accounting information system works. You will be required to create a company and do one month worth of transactions. At the end of the month, you will need to produce a Balance Sheet, Profit and Loss statement and print the Transactions Detail Report. These are the reports that you will be sending me. Basic Requirements: 1 - I will give everyone $25,000 to begin your business. (Remember to do your beginning equity journal entry with this number) 2 - You must have 1 full time employee and 1 part time (you can have more if you chose) Employees will be paid every two weeks, therefore you will have 2 payrolls in this assignment. Remember employee and employer taxes. 3 - Minimum of 5 Customer Invoices. The Invoices will give you Accounts Receivable and Revenue. In addition to the required 5 customer invoices, you can include cash sales, Revenue and Cash. 4 - You as the owner must make 1 Withdrawl from the business for personal use. Make sure you use the owner's drawing account. 5 - You must have 1 Fixed Asset on the books and you must do the depreciation entry for that asset in your month. (Truck, Delivery Van, Expensive Computer) 6 - You can borrow money if you need additional capital. If you borrow money then you will have a Note Payable. 7 - You have to rent space for this business, no working out of your home, so you will have Rent expense. 8 - You must purchase Insurance, so you will have Insurance Expense and maybe Prepaid Insurance. 9 - Depending on what type of business you have, the product may be taxable. Make sure you research to see if it is. If so, you will have a Sales tax payable Account. 10 - Examples of Expenses you might/should have: - Rent Expense

- Utility Expense - Salary Expense - Employer Tax Expense - Telephone Expense - Supplies Expense - Insurance Expense - Vehicle Expense - Any other Expense that goes with your business 11 - Depending on your Business, you may have Inventory. If you have Inventory, you will have Accounts Payable and Cost of Goods Sold.