Option #2: Practice in QuickBooks: The Case of Barbaras Company

Continue to use your QuickBooks access. Return to the QuickBooks home page. Remember to delete the free trial and, if you entered, your credit card information after you submit module 5.

Go to Home page, select the widget to the direct top right of the word help and select on the left side settings, then company setting.

For each edit, hit the pen picture on the right hand side of each section. Enter the company name, Barbaras Company (option 2)

TIPS:

In the home page, go to the top right hand corner, to the right of the name of the company, click the gear symbol, which is the main link for everything you need for changes.

Input is on the left-hand side of the home page with links to customers, vendors, and transactions

For doing the journal entries below: Go to top panel, in the middle of the top of the screen, where there is a plus sign (+) and select journal entries found in the other section.

It is up to you to create the correct accounts, with the proper journal entries.

Important to remember:

Do not forget to click on save and new after you input and file.

Backup your company information many times as you work. To do this, click the button at the bottom of each screen called: save and new

Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entry

Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P

Prepare journal entries. Be sure all dates agree with the problem and are not todays date

For 5/1/2015:

Go to + for making journal entries: opening equity and title equity as EQUITY.

Deposit $5,000 to Cash

In side panel memo of cash write: Initial deposit from Barbara, the owner

For 5/2/2015:

Select record a deposit into bank money market of $1,000

One Account is Loan Account.

In side panel memo of cash write: Cash In from Loan from ABC Bank

For 5/5/2015:

Record a deposit to bank, money market of $20,000 from Barbara

One Account is Equity Account

In side panel memo of cash write: Additional equity contribution from Barbara.

For 5/11/2015:

Select record a deposit of $40,000 from KYS Bank

One Account is Loan Account.

In side panel memo of cash write: Cash In from Loan from KYS bank

For 5/15/2015:

Pay Levine, add new vendor Levine, for $3,000.

In side panel memo of cash write: For purchase of office supplies, other current assets, inventory, from Levine

Account is Supplies.

For 5/19/2015:

Record a deposit from Anne, add new customer Anne, for $20,000

Account is Consulting Income.

In memo, write: Work completed on 5/19/2015 for Anne

For 5/23/2015:

Pay Rachel, add new Employee Rachel, for $5,000

In side panel memo of cash write: Payroll expense to Rachel for month of May 2015

For 5/31/2015:

Pay Ruth, add new Employee Ruth, for $4,000

In side panel memo of cash write: Payroll expense to Ruth for month of May 2015

Instructions:

Enter above transactions into QuickBooks. To submit: go to home reports balance sheet and be sure your dates include May 1 to May 31, 2015 Also click on the cash link on the balance sheet. Cut and paste both of these reports into a document to submit.