uickBooks Accounting Assignment 5 Instructions 1. Enable inventory tracking. Now that the company is using inventory, the workflow will be as follows: the item is purchased and recorded in the inventory account. When a sale is made, the item is removed from inventory and charged to cost of goods sold. 2. Create the following products using the following setup: a. Sales Account: Sales b. Inventory Account: Inventory Asset c. Cost Account: Cost of Goods Sold d. Create the following items: Name: Turf Edger Sales Description: Turf Edger Sales Price: $99.95 Tax: Taxable when sold Purchase Price: 38.87 Tax: Not taxable when purchased for resale (items purchased for resale are not taxable for most jurisdictions) Reorder Point: 5 Initial Quantity on Hand: 0 Name: Gas Hedge Trimmer Sales Description: Gas Hedge Trimmer Sales Price: $149.99 Tax: Taxable when sold Purchase Price: $86.88 Tax: Not taxable when purchased for resale Reorder Point: 5 Initial Quantity on Hand: 0 Name: Hand Garden Trowel Sales Description: Hand Garden Trowel Sales Price: $19.95 Tax: Taxable when sold Purchase Price: $7.67 Tax: Not taxable when purchased for resale Reorder Point: 5 Initial Quantity on Hand: 0 Name: Pruner Lopper Sales Description: Pruner Lopper Sales Price: $78.50 Tax: Taxable when sold Purchase Price: $40.09 Tax: Not taxable when purchased for resale Reorder Point: 5 Initial Quantity on Hand: 0 Name: Evergreen Fertilizer Sales Description: 30 KG Evergreen Fertilizer Sales Price: $39.95 Tax: Taxable when sold Purchase Price: $11.48 Tax: Not taxable when purchased for resale Reorder Point: 5 Initial Quantity on Hand: 0 3. Create a Purchase order for Johnson Supplies for the 1st of this month. Order the following supplies (NOTE: You may have to enable Purchase Orders prior to this exercise): Turf Edger: 10 Evergreen Fertilizer: 30 Bags 4. Create a Purchase Order for a new supplier: Hanson Garden Supplies 723 Speers Road Oakville, ON L6L 2X5 Order the following items: 15 Pruner Lopper 20 Hand Garden Trowel 10 Gas Hedge Trimmer 5. Jon wants to see whats on purchase orders as of today. Create and print the Open Purchase Order report 6. Receive against the PO for Johnson Supplies. Receive it in full on the 10th of this month. Use the bill form to receive the purchase order. 7. Receive against the PO for Hanson Garden Supplies. You received all the Pruner Loppers and Hand Garden Trowels. When comparing the invoice to the packing slip, you see that you only received 7 of the Gas Hedge Trimmers. 8. Pay the bills for Johnson Supplies and Hanson Garden Supplies in full on the last day of this month. 9. Alice notices customers are buying several garden tools at one time. She has the idea to bundle several tools together as a Garden Tool Starter Kit. Create the Garden Tool Starter Kit with the following items and quantities: a. 1 Hand Garden Trowel b. 1 Pruner Lopper c. 1 Turf Edger Sales Description: Garden Tool Starter Kit. The sales price of the kit will be the sum of all of the individual sales prices less 10%. 10. Create an invoice for Kelly Buss on the 25th of this month. Sell one Garden Tool Starter Kit. 11. Receive the payment from Kelly Buss on the 30th of this month and deposit the amount directly to the TCU chequing account. She paid with cheque #1481. 12. There was a heavy rainstorm at the Green Tree Landscape yard and the roof on the inventory shed was leaking. As a result, 3 Gas Hedge Trimmers were damaged. They cannot be sold and will need to be disposed of. Jane has asked you to write off the inventory as of the last day of this month. Make the inventory adjustment to account for the damaged goods. Jane asked you to use an Inventory Write-Off expense account (Tip: you may have to use the Chart of Accounts to create a new account) 13. Alice and Jon want to know the value of the inventory. Create and print the Inventory Valuation Detail report for them. 14. Alice wants to count the inventory each month. Shed like a list of inventory parts as of today. Print the appropriate report for her. After two busy months of business, Jon and Alice need to review their business