Question
The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar
The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar Harbor has 25 full-time employees and hires 150 to 200 seasonal workers for the harvest.
For the past six summers, you have picked berries for Bar Harbor. When you graduated, you were hired full-time as the accountant/office manager. Until now, Bar Harbor kept most of its accounting records in a big file box. Jack Phillips, the owner, would like a more organized approach to the farms accounting records. He has asked you to establish a proper set of books. You decide to start by establishing appropriate journals and ledgers for these transactions.
Presented below are a set of vendor invoices and a few partially completed journals and ledgers. Your job is to record these transactions and update the appropriate ledgers. Be sure to leave a proper audit trail. You must use Excel to complete this problem.
VENDOR INVOICES
DATE | SUPPLIER INVOICE | SUPPLIER NAME | SUPPLIER ADDRESS | AMOUNT |
March 7 | AJ34 | Bud's Soil Prep | PO Box 34 | $2,067.85 |
March 11 | 14568 | Osto Farmers Suppy | 45 Main | $67.50 |
March 14 | 893V | Whalers Fertilizer | Route 34 | $5,000.00 |
March 21 | 14699 | Osto Farmers Supply | 45 Main | $3,450.37 |
March 21 | 10102 | IFM Wholesale | 587 Longview | $4,005.00 |
March 24 | 10145 | IFM Wholesale | 587 Longview | $267.88 |
PURCHASES JOURNAL
Page 1
DATE | SUPPLIER | SUPPLIER INVOICE | ACCT NUMBER | POST REF | AMOUNT |
March 7 | Bud's Soil Prep | AJ34 | $2,067.85 |
GENERAL LEDGER
ACCOUNTS PAYABLE - Account Number 300
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE |
March 1 | Balance Forward | $18,735.55 |
GENERAL LEDGER
PURCHASES - Account Number: 300
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE |
March 1 | Balance Forward | $54,688.49 |
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Accounting No: 23 - Bud's Soil Prep - P.O. BOX 34 - Terms: 2/10, Net 30
DATE | DESCRIPTION | DEBIT | CREDIt | BALANCE |
Accounting No: 24 - Osto Farmers Supply - 45 Main - Terms: 2/10, Net 30
DATE | DESCRIPTION | DEBIT | CREDIt | BALANCE |
Accounting No: 36 - Whalers Fertilizer - Route 34 - Terms: 2/10, Net 30
DATE | DESCRIPTION | DEBIT | CREDIt | BALANCE |
Accounting No: 38 - IFM Wholesale - 587 Longview - Terms: 2/10, Net 30
DATE | DESCRIPTION | DEBIT | CREDIt | BALANCE |
1. Your first task is to summary the features of three small business software: Intuit Quick Books,Sage 50 (formely Peachtree Accounting), and Microsoft Dynamics GP (formerly Great Plains).
2. Compare or discuss the pros and cons of each of these software packages and fit for the Bar Harbor Farm. Start by checking if each one could do what is needed for the Farm and how much it would cost. You can see a comparison of QuickBooks and Peeachree here to help you do this part.
3. Finally, recommend one of these packages to be used on the Bar Harbor Farm and explain why you recommend this one and not the others.
4. In addition to select and make a recommendation for a package, please obtain prices and costs to install the selected package at Bar Harbor.
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