Please correct me on what I've done wrong and show me how to fix my statements.

ACC-260 QuickBooks Assignment 1 Complete this assignment after following "ACC-260 QuickBooks Online Registration Instructions" in course materials. The purpose of this assignment is to have students become familiar with an accounting software package that is used in professional practice. Students will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks. Step 1: Import your chart of accounts. If you have previously used this QuickBooks company to complete your ACC-250 assignments, you will already have your chart of accounts imported and may skip this step. Go to QuickBooks and login to your company. From the menu on the left side of the screen, choose "Accounting and select "Chart of Accounts. Click on the green "New" at the upper right-hand side of the screen and choose "Import. Using the "Browse function, select the ACC-260 QuickBooks Import File provided in topic materials. Click "Next. Click "Next" again, and then click Import." Account Name Type Bank Detail Type Checking Cash Accounts Receivable Accounts Receivable Accounts Receivable Other Current Assets Other Current Assets Office Supplies Prepaid Insurance Other Current Assets Prepaid Expenses Truck Fixed Assets Vehicles Accumulated Depreciation Accounts Payable Accumulated Depreciation Accounts Payable Other Current Liabilities Other Current Liabilities Other Current Liabilities Other Current Liabilities Owner's Equity Owner's Equity Accumulated Depreciation - Truck Accounts Payable Salaries Payable Unearned Revenue Owner's Capital Owner's Withdrawals Service Revenue Salaries Expense Depreciation Expense - Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense Owner's Equity Owner's Equity Service/Fee Income Income Expenses Cost of Labor Other Expense Depreciation Expenses Insurance Expenses Expenses Shipping, Freight & Delivery Rent or Lease of Buildings Supplies & Materials Expenses Step 2: 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. My Edited Entries Note: There can only be one detail type. Detail Type Type Other Current Assets Inventory Other Current Assets Inventory Other Current Assets Account Name Raw Materials Work in Process Inventory Finished Goods Inventory Wages Payable Factory Overhead Sales Revenue Cost of Goods Sold Selling and Administration Expenses Inventory Other Current Liabilities Other Current Liabilities Expenses Other Business Expenses Sales of Product Income Income Cost of Goods Sold Supplies & Materials-COGS Office/General Administration Expenses Expenses I took the liberty of going to the QuickBooks software and got all the "Account Types" and their associated "Detail types." Pay attention to the semi-colon in each detail type. Also, I would advise keeping this list for other QuickBooks questions that involve General Ledger Accounts. Note: There can only be one Detail Type. Type------ -Detail Type Accounts Receivable-- --Accounts Receivable Other Current Assets -Allowance for bad debts; Development costs; Employee cash advances; Inventory; Investment-mortgage/real estate loans; Investment-tax-exempt securities; Investment-U.S.- Government obligations; Investments-other; Loans to officers; Loans to others; Loans to stockholders; Other current assets; Prepaid expenses; Retainage; Undeposited funds. Bank- -Cash on hand; Checking; Money market; Rents held in trust; Savings; Trust account. Fixed Assets- -Accumulated amortization; Accumulated depletion; Accumulated depreciation; Buildings; Depletable assets; Fixed asset computers; Fixed asset copiers; Fixed asset furniture; Fixed asset other tools equipment; Fixed asset phone; Fixed asset photo video; Fixed asset software; Furniture & fixtures; Intangible assets; Land; Leasehold improvements; Machinery & equipment; Other fixed assets; Vehicles. Other Assets---- -Accumulated amortization of other assets; Goodwill; Lease buyout; Licenses; Organizational costs; Other long-term assets; Security deposits. Accounts Payable (A/P)- - Accounts payable (A/P). Credit Card-- -Credit card. Other Current Liabilities- -- Federal income tax payable; Insurance payable; Line of credit; Loan payable; Other current liabilities; Payroll clearing; Payroll tax payable; Prepaid expenses payable; Rents in trust-liability; Sales tax payable; State/local income tax payable; Trust accounts-liabilities; Undistributed tips. Long Term Liabilities -Notes payable; Other long term liabilities; Shareholder notes payable. Equity-- -- Accumulated adjustment; Common stock; Estimated taxes; Health insurance premium; Health savings account contribution; Opening balance equity; Owner's equity; Pain-in capital or surplus; Partner contributions; Partner distributions; Partner's equity; Personal expense; Personal income; Preferred stock; Retained earnings; Treasury stock. Income- --Discounts/refunds given; Non-profit income; Other primary income; Sales of product income; Service/fee income; Unapplied cash payment income. Other Income-- -Dividend income; Interest earned; Other investment income; Other miscellaneous income; Tax-exempt interest. Cost of Goods Sold-- - Cost of labor-COS; Equipment rental-COS; Other costs of services-COS; Shipping, freight & delivery-COS; Supplies & materials-COGS. Expenses- --Advertising/promotional; Auto; Bad debts; Bank charges; Charitable contributions; Communication; Cost of labor; Dues & subscriptions; Entertainment; Entertainment meals; Equipment rental; Finance costs; Insurance; Interest paid; Legal & professional fees; Office/general administrative expenses; Other business expenses; Other miscellaneous service costs; Payroll expenses; Payroll tax expenses; Payroll wage expenses; Promotional meals; Rent or lease of buildings; Repair & maintenance; Shipping, freight & delivery; Supplies & materials; Taxes paid; Travel; Travel meals; Unapplied cash bill payment expense; Utilities. Other Expenses-- - Amortization; Depreciation; Exchange gain or loss; Gas and fuel; Home office; Homeowner rental insurance; Mortgage interest home office; Other home office expense; Other miscellaneous expense; Other vehicle expenses; Parking and tolls; Penalties & settlements; Property tax home office; Rent and lease home office; Repairs and maintenance home office; Utilities home office; Vehicle; Vehicle insurance; Vehicle lease; Vehicle loan; Vehicle loan interest; Vehicle registration; Vehicle repairs; Wash and road services. Step 3: Record the owner's investment in the company inventory. On July 1, 2021, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer that you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account. Go to QuickBooks and login to your company. Click the "+ New" button at the upper left hand corner of the screen. Choose "Journal Entry under the "Other" column. Enter the "Journal Date": of 7/1/2021" and notice that the journal entry number will auto-populate. Journalize the transaction described above. # ACCOUNT DEBITS CREDITS 1 Owner's Capital 15,000.00 2 2. Raw Materials Inventory 800.00 3 Work in Process Inventory 1,200.00 4 Finished Goods Inventory 500.00 5 Cash 12,500.00 Step 4: Enter the following entries for the month of July 2021. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during July. G. The cost of product completed and moved to the Finished Goods Inventory: $4,675. H. Sales on account: $2,000. The cost of the units sold was $975. 1. Actual Factory Overhead costs for the month of July totaled $2,600. (All paid in cash.) These journal entries should be input into QuickBooks using the directions provided in Step 3. All entries should be dated "July 31, 2021," and should be auto-numbered through QuickBooks. For the "Description" enter "Journal Entry" and the letter of the adjustment from above. (For example, the description of the first Journal Entry would be Journal Entry A.) Step 5: Adjust for over or underallocated overhead to Cost of Goods Sold. Once you have completed Step Five above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be input as an entry dated July 31, 2021" using the directions provided in Step 3. For the "Description," enter "Journal Entry J." # ACCOUNT DEBITS CREDITS DESCRIPTION NAME NAME 1 Cash 800.00 Journal Entry A 2 Sales Revenue 800.00 Journal Entry A 3 Cost of Goods Sold 350.00 Journal Entry A 4. Finished Goods Inventory 350.00 Journal Entry A 5 Selling and Adminstrative Expenses 1,200.00 Journal Entry B 6 Cash 1,200.00 Journal Entry B 7 Raw Materials Inventory 2,560.00 Journal Entry C 8 Accounts Payable 2,560.00 Journal Entry C XYZ Company 9 Work in Process Inventory 980.00 Journal Entry D 10 Raw Materials Inventory 980.00 Journal Entry D 11 Salaries Expense 2,875.00 Journal Entry E 12 Wages Payable 875.00 Journal Entry E 13 Cash 2,000.00 Journal Entry E 14 Work in Process Inventory 1,725.00 Journal Entry F 15 Factory Overhead 1,725.00 Journal Entry F 16 Finished Goods Inventory 4,675.00 Journal Entry G 17 Work in Process Inventory 4,675.00 Journal Entry G 18 Accounts Receivable 2.000.00 Journal Entry H ABC Company 19 Sales Revenue 2,000.00 Journal Entry H 20 Cost of Goods Sold 975.00 Journal Entry H 21 Finished Goods Inventory 975.00 Journal Entry H 22 Factory Overhead 2,600.00 Journal Entry! 23 Cash 2,600.00 Journal Entry j $ $ 875 Cost of goods sold Manufacturing overhead (Under applied overhead) $ 875 (Applied - Actual ) A-B Balance Sheet As of July 31, 2021 TOTAL ASSETS Current Assets Bank Accounts Cash 7,500.00 Total Bank Accounts $7,500.00 Accounts Receivable Accounts Receivable 2,000.00 $2,000.00 Total Accounts Receivable Other Current Assets 3,850.00 2,380.00 Finished Goods Inventory Raw Materials Inventory Work in Process Inventory Total Other Current Assets -770.00 $5,460.00 Total Current Assets $14,960.00 TOTAL ASSETS $14,960.00 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable 2,560.00 $2,560.00 Other Current Liabilities 875.00 Wages Payable Total Other Current Llabilities $875.00 Total Current Liabilities $3,435.00 Total Liabilities $3,435.00 15,000.00 Equity Owner's Capital Retained Earnings Net Income -3,475.00 Total Equity $11,525.00 TOTAL LIABILITIES AND EQUITY $14,960.00 Profit and Loss July 2021 TOTAL Income Sales Revenue 2,800.00 $2,800.00 Total Income Cost of Goods Sold Cost of Goods Sold 2,200.00 $2,200.00 Total Cost of Goods Sold GROSS PROFIT $600.00 0.00 Expenses Factory Overhead Salaries Expense Selling and Adminstrative Expenses Total Expenses 2,875.00 1,200.00 $4,075.00 NET OPERATING INCOME $-3,475.00 NET INCOME $-3,475.00 ACC-260 QuickBooks Assignment 1 Complete this assignment after following "ACC-260 QuickBooks Online Registration Instructions" in course materials. The purpose of this assignment is to have students become familiar with an accounting software package that is used in professional practice. Students will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks. Step 1: Import your chart of accounts. If you have previously used this QuickBooks company to complete your ACC-250 assignments, you will already have your chart of accounts imported and may skip this step. Go to QuickBooks and login to your company. From the menu on the left side of the screen, choose "Accounting and select "Chart of Accounts. Click on the green "New" at the upper right-hand side of the screen and choose "Import. Using the "Browse function, select the ACC-260 QuickBooks Import File provided in topic materials. Click "Next. Click "Next" again, and then click Import." Account Name Type Bank Detail Type Checking Cash Accounts Receivable Accounts Receivable Accounts Receivable Other Current Assets Other Current Assets Office Supplies Prepaid Insurance Other Current Assets Prepaid Expenses Truck Fixed Assets Vehicles Accumulated Depreciation Accounts Payable Accumulated Depreciation Accounts Payable Other Current Liabilities Other Current Liabilities Other Current Liabilities Other Current Liabilities Owner's Equity Owner's Equity Accumulated Depreciation - Truck Accounts Payable Salaries Payable Unearned Revenue Owner's Capital Owner's Withdrawals Service Revenue Salaries Expense Depreciation Expense - Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense Owner's Equity Owner's Equity Service/Fee Income Income Expenses Cost of Labor Other Expense Depreciation Expenses Insurance Expenses Expenses Shipping, Freight & Delivery Rent or Lease of Buildings Supplies & Materials Expenses Step 2: 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. My Edited Entries Note: There can only be one detail type. Detail Type Type Other Current Assets Inventory Other Current Assets Inventory Other Current Assets Account Name Raw Materials Work in Process Inventory Finished Goods Inventory Wages Payable Factory Overhead Sales Revenue Cost of Goods Sold Selling and Administration Expenses Inventory Other Current Liabilities Other Current Liabilities Expenses Other Business Expenses Sales of Product Income Income Cost of Goods Sold Supplies & Materials-COGS Office/General Administration Expenses Expenses I took the liberty of going to the QuickBooks software and got all the "Account Types" and their associated "Detail types." Pay attention to the semi-colon in each detail type. Also, I would advise keeping this list for other QuickBooks questions that involve General Ledger Accounts. Note: There can only be one Detail Type. Type------ -Detail Type Accounts Receivable-- --Accounts Receivable Other Current Assets -Allowance for bad debts; Development costs; Employee cash advances; Inventory; Investment-mortgage/real estate loans; Investment-tax-exempt securities; Investment-U.S.- Government obligations; Investments-other; Loans to officers; Loans to others; Loans to stockholders; Other current assets; Prepaid expenses; Retainage; Undeposited funds. Bank- -Cash on hand; Checking; Money market; Rents held in trust; Savings; Trust account. Fixed Assets- -Accumulated amortization; Accumulated depletion; Accumulated depreciation; Buildings; Depletable assets; Fixed asset computers; Fixed asset copiers; Fixed asset furniture; Fixed asset other tools equipment; Fixed asset phone; Fixed asset photo video; Fixed asset software; Furniture & fixtures; Intangible assets; Land; Leasehold improvements; Machinery & equipment; Other fixed assets; Vehicles. Other Assets---- -Accumulated amortization of other assets; Goodwill; Lease buyout; Licenses; Organizational costs; Other long-term assets; Security deposits. Accounts Payable (A/P)- - Accounts payable (A/P). Credit Card-- -Credit card. Other Current Liabilities- -- Federal income tax payable; Insurance payable; Line of credit; Loan payable; Other current liabilities; Payroll clearing; Payroll tax payable; Prepaid expenses payable; Rents in trust-liability; Sales tax payable; State/local income tax payable; Trust accounts-liabilities; Undistributed tips. Long Term Liabilities -Notes payable; Other long term liabilities; Shareholder notes payable. Equity-- -- Accumulated adjustment; Common stock; Estimated taxes; Health insurance premium; Health savings account contribution; Opening balance equity; Owner's equity; Pain-in capital or surplus; Partner contributions; Partner distributions; Partner's equity; Personal expense; Personal income; Preferred stock; Retained earnings; Treasury stock. Income- --Discounts/refunds given; Non-profit income; Other primary income; Sales of product income; Service/fee income; Unapplied cash payment income. Other Income-- -Dividend income; Interest earned; Other investment income; Other miscellaneous income; Tax-exempt interest. Cost of Goods Sold-- - Cost of labor-COS; Equipment rental-COS; Other costs of services-COS; Shipping, freight & delivery-COS; Supplies & materials-COGS. Expenses- --Advertising/promotional; Auto; Bad debts; Bank charges; Charitable contributions; Communication; Cost of labor; Dues & subscriptions; Entertainment; Entertainment meals; Equipment rental; Finance costs; Insurance; Interest paid; Legal & professional fees; Office/general administrative expenses; Other business expenses; Other miscellaneous service costs; Payroll expenses; Payroll tax expenses; Payroll wage expenses; Promotional meals; Rent or lease of buildings; Repair & maintenance; Shipping, freight & delivery; Supplies & materials; Taxes paid; Travel; Travel meals; Unapplied cash bill payment expense; Utilities. Other Expenses-- - Amortization; Depreciation; Exchange gain or loss; Gas and fuel; Home office; Homeowner rental insurance; Mortgage interest home office; Other home office expense; Other miscellaneous expense; Other vehicle expenses; Parking and tolls; Penalties & settlements; Property tax home office; Rent and lease home office; Repairs and maintenance home office; Utilities home office; Vehicle; Vehicle insurance; Vehicle lease; Vehicle loan; Vehicle loan interest; Vehicle registration; Vehicle repairs; Wash and road services. Step 3: Record the owner's investment in the company inventory. On July 1, 2021, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer that you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account. Go to QuickBooks and login to your company. Click the "+ New" button at the upper left hand corner of the screen. Choose "Journal Entry under the "Other" column. Enter the "Journal Date": of 7/1/2021" and notice that the journal entry number will auto-populate. Journalize the transaction described above. # ACCOUNT DEBITS CREDITS 1 Owner's Capital 15,000.00 2 2. Raw Materials Inventory 800.00 3 Work in Process Inventory 1,200.00 4 Finished Goods Inventory 500.00 5 Cash 12,500.00 Step 4: Enter the following entries for the month of July 2021. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during July. G. The cost of product completed and moved to the Finished Goods Inventory: $4,675. H. Sales on account: $2,000. The cost of the units sold was $975. 1. Actual Factory Overhead costs for the month of July totaled $2,600. (All paid in cash.) These journal entries should be input into QuickBooks using the directions provided in Step 3. All entries should be dated "July 31, 2021," and should be auto-numbered through QuickBooks. For the "Description" enter "Journal Entry" and the letter of the adjustment from above. (For example, the description of the first Journal Entry would be Journal Entry A.) Step 5: Adjust for over or underallocated overhead to Cost of Goods Sold. Once you have completed Step Five above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be input as an entry dated July 31, 2021" using the directions provided in Step 3. For the "Description," enter "Journal Entry J." # ACCOUNT DEBITS CREDITS DESCRIPTION NAME NAME 1 Cash 800.00 Journal Entry A 2 Sales Revenue 800.00 Journal Entry A 3 Cost of Goods Sold 350.00 Journal Entry A 4. Finished Goods Inventory 350.00 Journal Entry A 5 Selling and Adminstrative Expenses 1,200.00 Journal Entry B 6 Cash 1,200.00 Journal Entry B 7 Raw Materials Inventory 2,560.00 Journal Entry C 8 Accounts Payable 2,560.00 Journal Entry C XYZ Company 9 Work in Process Inventory 980.00 Journal Entry D 10 Raw Materials Inventory 980.00 Journal Entry D 11 Salaries Expense 2,875.00 Journal Entry E 12 Wages Payable 875.00 Journal Entry E 13 Cash 2,000.00 Journal Entry E 14 Work in Process Inventory 1,725.00 Journal Entry F 15 Factory Overhead 1,725.00 Journal Entry F 16 Finished Goods Inventory 4,675.00 Journal Entry G 17 Work in Process Inventory 4,675.00 Journal Entry G 18 Accounts Receivable 2.000.00 Journal Entry H ABC Company 19 Sales Revenue 2,000.00 Journal Entry H 20 Cost of Goods Sold 975.00 Journal Entry H 21 Finished Goods Inventory 975.00 Journal Entry H 22 Factory Overhead 2,600.00 Journal Entry! 23 Cash 2,600.00 Journal Entry j $ $ 875 Cost of goods sold Manufacturing overhead (Under applied overhead) $ 875 (Applied - Actual ) A-B Balance Sheet As of July 31, 2021 TOTAL ASSETS Current Assets Bank Accounts Cash 7,500.00 Total Bank Accounts $7,500.00 Accounts Receivable Accounts Receivable 2,000.00 $2,000.00 Total Accounts Receivable Other Current Assets 3,850.00 2,380.00 Finished Goods Inventory Raw Materials Inventory Work in Process Inventory Total Other Current Assets -770.00 $5,460.00 Total Current Assets $14,960.00 TOTAL ASSETS $14,960.00 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable 2,560.00 $2,560.00 Other Current Liabilities 875.00 Wages Payable Total Other Current Llabilities $875.00 Total Current Liabilities $3,435.00 Total Liabilities $3,435.00 15,000.00 Equity Owner's Capital Retained Earnings Net Income -3,475.00 Total Equity $11,525.00 TOTAL LIABILITIES AND EQUITY $14,960.00 Profit and Loss July 2021 TOTAL Income Sales Revenue 2,800.00 $2,800.00 Total Income Cost of Goods Sold Cost of Goods Sold 2,200.00 $2,200.00 Total Cost of Goods Sold GROSS PROFIT $600.00 0.00 Expenses Factory Overhead Salaries Expense Selling and Adminstrative Expenses Total Expenses 2,875.00 1,200.00 $4,075.00 NET OPERATING INCOME $-3,475.00 NET INCOME $-3,475.00