Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am trying to complete an assignment in Quickbooks and know my error is with Manufacturing Overhead COA per instructions: Update your chart of accounts

I am trying to complete an assignment in Quickbooks and know my error is with Manufacturing Overhead COA per instructions:

Update your chart of accounts to include accounts related to a manufacturer.

To convert your QuickBooks service company's accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts.

Those accounts are:

  1. Raw Materials Inventory
  2. Work in Process Inventory
  3. Finished Goods Inventory
  4. Wages Payable
  5. Factory Overhead
  6. Sales Revenue
  7. Cost of Goods Sold
  8. Selling and Administrative Expenses

Go to QuickBooks and login to your company. Choose the "Accounting" menu from the left hand side of the screen, and select "Chart of Accounts." Click "New" (green button on the upper right side of the screen).

Enter the "Account Type," "Detail Type," and "Name" for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter "Save and New" to enter another account. "Save and Close" when you have entered all accounts.

please assist with correct set up for

  • manufacturing overhead
  • wages payable
  • wip

thank you

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay

1st Edition

0073526770, 9780073526775

More Books

Students also viewed these Accounting questions