week 5 assinment

PLEASE NOTE: THE INSTRUCTIONS FOR WEEK 5 ARE DIFFERENT FROM PREVIOUS WEEKS!!!!! You will upload two separate files this week, your QuickBooks file from Exercises 3-1 and 3-2, and your regular assignment file, Acct'g I Week 5 Assignments. Both of these must be uploaded in the Week 5 Weekly Learning Activities folder, Week 5 Assignment area. YOU MUST ATTACH BOTH FILES BEFORE YOU CLICK 'SUBMIT'! If you submit after attaching only one file, you will not be able to access the assignment upload area to submit the second file! Here are the instructions for submitting two files: When you are in the assignment upload area, submit one of the files, but DO NOT HIT SUBMIT! Instead click on "Add another file". Your first file will appear as a link. Go back to the "Attach local file" field, then Browse to locate and select your second file. Now click submit! Both of your files will be submitted together. QUICKBOOKS ASSIGNMENT, CHAPTER 3 - NEW COMPANY SETUP You may want to print these detailed instructions for exporting QuickBooks reports to Excel. You do not have to print the assigned reports unless you want a hard copy for future reference. Exercise 3-1 Chart of Accounts: * Follow this path to export the chart of accounts: Report Center: Accountant & Taxes: Account Listing * Once the report has opened, click on the "Export" button at the top of the page. A window will pop up asking you to select some options. * In the Basic tab select "A new Excel Workbook" and leave the checkmark in front of the selection "Include a new worksheet in the workbook that explains Excel worksheet linking." This worksheet w ill provide helpful information for you if you have any difficulties with this process. * In the Advance tab click on the radio button for "Send header to screen in Excel". If you do not select this option your company name and the name of the file will not appear on your reports. * Click "Export" at the bottom of the window. An Excel workbook will open. The first tab has has helpful hints for exporting to Excel. The second tab is your chart of accounts. Change the name of the tab to "COA". You will be saving several files in this workbook and it is important to identify each one. * SAVE THIS EXCEL FILE IN YOUR AC107 FOLDER WITH A NAME SUCH AS "QB CHAPTER 3". * After saving you must close the Excel file before you can export the next file. Journal * Follow this path to locate the journal: Report Center: Accountant and Taxes: Journal * Change the date to: Sept. 30 (this year) to Oct. 31 (this year) Here is a hint to be sure that your journal is correct: The total of debits and credits is $112,910. * Click "Export" at the top of the page. This time select "an existing workbook" to save the journal in the same file as your chart of accounts. Be sure that the correct path to your Excel file appears in the Browse field. When you are sure it is correct, click "Export". * Your Excel file will open. Rename the "Journal" tab, save the report, then close the Excel file. Transaction Detail by Account Follow this path to locate the Transaction Detail by Account: Report Center: Accountant & Taxes: Transaction Detail by Account Before you export this report be sure that it agrees with the one shown on pp. 90-91. Follow the same instructions that you used to save the journal. Select "an existing workbook", be sure that your file path appears in the Browse field, then click "Export". When your Excel file opens rename the tab, save the report, then close the Excel file. Exercise 3-2 The reports for exericise 3-2 will be saved in the same Excel file where you saved the previous reports. Follow the instructions above to save each one. Trial Balance Follow this path to locate the trial balance: Report Center: Accountant & Taxes: Trial Balance. Change the dates and be sure that your report matches the one shown on page 92. Profit and Loss Report - This is just another name for the income statement. Follow this path to locate the P&L: Report Center: Company & Financial: P&L: Standard Change the dates and be sure that your report matches the one shown on page 93. Balance Sheet Follow this path to locate the balance sheet: Report Center: Company & Financial: Balance Sheet & Net Worth: Standard Change the dates and be sure that your report matches the one shown on page 94. Your week 5 assignment from your textbood includes problems from Chapters 10 and 11 which you will find in the following tabs. Before you begin working on the assignment, I suggest that you create a folder for all of your Accounting I assignments in the Documents folder. You might want to name this folder "AC107". After you open this file, please save the entire file to your AC107 folder. IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if you do not SAVE the file first! Be sure to submit the entire file in the assignment upload area! Please do not try to save and send the tabs separately! Account Number 101 122 141 145 185 185.1 202 219 311 312 401 511 521 523 525 535 541 Jessie Jane's Campus Delivery Service Chart of Accounts Title Description Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum Depreciation-Office Equipment Accounts Payable Wages Payable Jessie Jane, Capital Jessie Jane, Drawing Delivery Fees Revenue Wages Expense Rent Expense Supplies Expense Telephone Expense Insurance Expense Deprec. Exp - Delivery Equipment B/S = Balance Sheet I/S = Income Statement O.E = Statement of Owner's Equity B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Contra Asset B/S - Liability B/S - Liability O.E. & B/S - Equity O.E.- Equity I/S - Revenue I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense Normal Balance DR DR DR DR DR CR CR CR CR DR CR DR DR DR DR DR DR CHART OF ACCOUNTS ASSETS REVENUE EXPENSES LIABILITIES DRAWING EQUITY This is the chart of accounts for Jessie Jane's Campus Delivery Service. A chart of accounts lists all general ledger accounts. It is like a table of contents. Assets, expenses and the Drawing account all have normal DEBIT balances. That means that we increase these accounts by recording the amount in the left, debit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the right, credit column. Liabilities, revenue and the Capital account all have normal CREDIT balances. That means that we increase these accounts by recording the amount in the right, credit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the left, debit column. Chapters 10 & 11 Provide a short explanation of each of the accounting terms listed below: You can research these terms at the end of the chapters and in the glossary. DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN! 1 Cash discounts 2 Contra-purchases account 3 Contra-revenue account 4 Controlling account 5 Cost of goods sold 6 FOB Destination 7 FOB Shipping Point 8 Gross profit (gross margin) 9 Purchases account 10 Sales allowance 11 Subsidiary ledger 12 Trade discount PROBLEM 10-11A & 10-12A Complete Problems 10-11A & 10-12A found on page 386-387 of your textbook. Record the account names, the debit OR credit amount, and the posting references . Some of the account names are provided. If you cannot locate a checkmark symbol for the posting reference use a lower case "x". The dates and descriptions have also been provided. After the journal is completed, post the transactions to the general ledger in the P10-11A GL tab and then post any Accounts Receivable entries to the Accounts Receivable ledger found in the P10-11A AR Ledger tab. Then complete the Shedule of Accounts Receivable. Use this chart of accounts for your posting references: 101 122 Cash Accounts Receivable 231 Sales Tax Payable 401 401.1 Sales Revenue Sales Returns and Allowances REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! 's a hint: When the customer pays an invoice after some of the goods have been returned tract the selling price of the goods returned from the selling price of goods on the original ice. Then calculate sales tax payable on the price of the goods that the customer kept. The ustomer will pay for the total of the remaining goods plus the sales tax on those goods. DATE ACCOUNTS & DESCRIPTIONS J.1 Mar. 1 Accounts Receivable/Able & Co. POST REF 122/x dr cr POST REF 122/x dr cr POST REF dr cr POST REF 101 dr cr POST REF dr cr Sale on account no. 33C DATE ACCOUNTS & DESCRIPTIONS J.2 Mar. 3 Accounts Receivable/R.J.Kalas, Inc. Sale on account no. 33D DATE J.3 Mar. 5 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Credit memo no. 66 for return of goods DATE J.4 Mar. 7 Cash ACCOUNTS & DESCRIPTIONS 122/x Cash Sales for the week DATE J.5 Mar. 10 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Payment received on no. 33C less return DATE J.6 Mar. 11 ACCOUNTS & DESCRIPTIONS POST REF dr cr POST REF 101 dr cr POST REF dr cr dr cr dr cr dr cr dr cr POST REF 122/x dr cr POST REF 122/x dr cr POST REF 101 dr cr Sales Revenue Sale on account no. 33E DATE J.7 Mar. 13 Cash ACCOUNTS & DESCRIPTIONS Be sure to subtract the selling price of the earlier return from the original cost of goods before calculating sales tax payable on the remaining goods. The customer will pay for the remaining goods plus the sales tax on those goods. 122/x 401 Payment received on no. 33D DATE J.8 Mar. 14 ACCOUNTS & DESCRIPTIONS Sales Tax Payable Cash Sales for the week DATE J.9 Mar. 16 ACCOUNTS & DESCRIPTIONS 231 POST REF Accounts Receivable/Blevins Bakery CM No. 67 for returned goods. DATE J.10 Mar. 18 ACCOUNTS & DESCRIPTIONS 122 POST REF Sales Revenue 401 Sale on account no. 33F DATE J.11 Mar. 20 Cash ACCOUNTS & DESCRIPTIONS POST REF 101 Payment received on no. 33E less return CM67 DATE J.12 Mar. 21 ACCOUNTS & DESCRIPTIONS Sales Revenue POST REF 401 Cash sales for the week. DATE ACCOUNTS & DESCRIPTIONS J.13 Mar. 25 Accounts Receivable/Blevins Bakery Sale on account no. 33G DATE ACCOUNTS & DESCRIPTIONS J.14 Mar. 27 Accounts Receivable/Thompson Group Sale on account no. 33H DATE J.15 Mar. 28 Cash ACCOUNTS & DESCRIPTIONS Cash sales for the week. Be sure to subtract the selling price of the earlier return before calculating sales tax payable on the remaining goods. The customer w ill pay for the remaining goods plus the sales PROBLEM 10-11A & 10-12A Post the journal entries to the general ledger. Be sure to calculate and show the new balance after each transaction. The correct ending balances have been provided for you. Account: CASH POST REF DATE ITEM Mar.1 Beginning balance Mar. 7 Cash sales for the week J.4 Mar. 10 Payment-Able & Co. #33C J.5 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar. 14 Cash sales for the week J.8 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar. 21 Cash sales for the week J.12 Mar.28 Cash sales for the week J.15 Account: ACCOUNTS RECEIVABLE POST DATE ITEM REF Mar. 1 Beginning balance Mar. 1 Able & Co. #33C J.1 Mar. 3 R.J. Kalas #33D J.2 Mar. 5 Able & Co. CM #66 J.3 Mar. 10 Payment-Able & Co. #33C J.5 Mar.11 Blevins Bakery #33E J.6 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar.16 Blevins Bakery CM#67 J.9 Mar.18 R.J. Kalas #33F J.10 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar.25 Blevins Bakery #33G J.13 Mar.27 Thompson Group #33H J.14 (transaction) DEBIT CREDIT ### (transaction) DEBIT CREDIT DATE ITEM Mar.1 Beginning balance Mar.1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 5 Able & Co. CM #66 Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.16 Blevins Bakery CM#67 Mar.18 R.J. Kalas #33F Mar.21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J6 J.8 J.9 J.10 J.12 J.13 J.14 J.15 DATE ITEM Mar. 1 Beginning balance Mar. 1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.18 R.J. Kalas #33F Mar. 21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week J.1 J.2 J.4 J6 J.8 J.10 J.12 J.13 J.14 J.15 Account No. 231.00 (balance) DEBIT CREDIT -0- 1,998.96 Account: SALES REVENUE POST REF Account No. 122.00 (balance) DEBIT CREDIT 1,058.25 8,133.33 Account: SALES TAX PAYABLE POST REF Account No. 101 (balance) DEBIT CREDIT 9,741.00 (transaction) DEBIT CREDIT Account No. 401.00 (balance) DEBIT CREDIT -0- ### Account: SALES RETURNS AND ALLOWANCES Account No. 401.1 POST (transaction) (balance) DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Mar. 1 Beginning balance -0Mar. 5 Able & Co. CM #66 J.3 Mar.16 Blevins Bakery CM#67 J.9 74.00 PROBLEM 10-11A & 10-12A Complete the Accounts Receivable Ledger and then the Schedule of Accounts Receivable Hint: The easiest place to find the transactions for the A/R Ledger is the general ledger for Accounts Receivable. Be sure to calculate and record the new balance after every transaction is posted. Name: Able & Co. Address: 1424 Jackson Creek Road, Nashville, IN 47448 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 1 #33C J.1 Mar. 5 CM #66 J.3 Mar. 10 #33C J.5 Name: Blevins Bakery Address: 6422 E. Bender Road, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 11 #33E J.6 Mar. 16 CM #67 J.9 Mar.20 #33E J.11 Mar.25 #33G J.13 Name: R.J. Kalas, Inc. Address: 3315 Longview Ave, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 3 #33D J.2 Mar.13 #33D J.7 Mar.18 #33F J.10 Name: Thompson Group Address: 2300 E. National Rd, Cumberland, IN 46229 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar.1 Beginning Bal x ### Mar.27 #33H J.14 OWENS DISTRIBUTORS SCHEDULE OF ACCOUNTS RECEIVABLE 31-Mar-10 Balance Able & Co. 0.00 Blevins Bakery 2,068.20 R.J. Kalas, Inc. 2,829.60 Thompson Group 3,235.53 TOTAL 8,133.33 Be sure that this amount agrees with the ending balance in the Accounts Receivable account in the general ledger! CHAPTER 11 - PROBLEM 11-11A, page 427 PART 1 ONLY! Use the information provided for the transactions of Flint Fantasies in problem 11-11A, page 437, to complete the journal entries. You are NOT required to complete the general ledger or accounts payable ledger. (These ledgers would be completed exactly the same way that you completed the A/R ledger in the previous tabs.) There are examples of these journal entries on pages 403 and 404. Record the account names, the debit and credit amounts, and the posting references. Some of the the account names have been provided, as well as the dates, descriptions. REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! Here are some hints: Discount amounts are not recorded at the time of the purchase, only when the invoice is paid within the discount period. Discounts are taken on the amount AFTER subtracting any returns. These are the accounts to be used: 101 Cash 202 Accounts Payable / Co. Name 501 501.1 501.2 521 Purchases Purchase Returns & Allowances Purchase Discounts Rent Expense JE# DATE ACCOUNTS & DESCRIPTIONS J.1 Jul 1 Rent Expense POST REF 521 dr cr POST REF 501 dr cr POST REF dr cr POST REF 202/ dr cr POST REF dr cr dr cr Ck. No. 414 - Rent paid JE# DATE ACCOUNTS & DESCRIPTIONS J.2 Jul 1 Purchases Purchase - Invoice #311 JE# DATE J.3 Jul 3 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #812 JE# DATE ACCOUNTS & DESCRIPTIONS J.4 Jul 5 Accounts Payable / Tang's Toys Merchandise returned JE# DATE J.5 Jul 8 ACCOUNTS & DESCRIPTIONS Accounts Payable / Daisy's Dolls Purchase - Invoice #139 JE# DATE J.6 Jul 11 ACCOUNTS & DESCRIPTIONS Purchase Discounts Payment to Tang's Toys; Ck no. 415 JE# DATE J.7 Jul 13 ACCOUNTS & DESCRIPTIONS Cash 202/ POST REF Hint: Don't forget that Flint returned some merchandise to Tang's Toy's. He is paying for, and taking the discount on, the goods that were not returned. 501.2 POST REF dr cr dr cr POST REF dr cr POST REF dr cr POST REF 501 dr cr POST REF dr cr 101 Payment to Sillas & Co.; Ck no. 416 JE# DATE J.8 Jul 15 ACCOUNTS & DESCRIPTIONS Purchase Returns & Allowances Returned goods to Daisy's Dolls JE# DATE J.9 Jul 18 ACCOUNTS & DESCRIPTIONS POST REF 501.1 Payment to Daisy's Dolls - Ck no. 417 JE# DATE J.10 Jul 25 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #489 JE# DATE ACCOUNTS & DESCRIPTIONS J.11 Jul 26 Purchases Purchase - Invoice #375 JE# DATE J.12 Jul 29 ACCOUNTS & DESCRIPTIONS Accounts Payable / Sillas & Co. Purchase - Invoice #883 202/