Option #2: Practice in QuickBooksâ¢: TheCase of Barbaraâs Company
Continue to use your QuickBooks⢠access. Return to theQuickBooks⢠home page. Remember to delete the free trial and, ifyou entered, your credit card information after you submit module5.
Go to Home page, select the widget to the direct top right ofthe word âhelpâ and select on the left side âsettingsâ, thencompany setting.
For each edit, hit the pen picture on the right hand side ofeach section. Enter the company name, Barbaraâs Company (option2)
TIPS:
In the home page, go to the top right hand corner, to the rightof the name of the company, click the gear symbol, which is themain link for everything you need for changes.
Input is on the left-hand side of the home page with links tocustomers, vendors, and transactions
For doing the journal entries below: Go to top panel, in themiddle of the top of the screen, where there is a plus sign (+) andselect journal entries found in the other section.
It is up to you to create the correct accounts, with the properjournal entries.
Important to remember:
Do not forget to click on âsave and newâ after you input andfile.
Backup your company information many times as you work. To dothis, click the button at the bottom of each screen called: saveand new
Always check to be sure your input dates are correct.Transaction input date are on the top left side above the journalentry
Always best to record terms within the journal entry in theextra line provided to the right of A/R or A/P
Prepare journal entries. Be sure all dates agree withthe problem and are not todayâs date
For 5/1/2015:
Go to + for making journal entries: opening equity and titleequity 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 ABCBank
For 5/5/2015:
Record a deposit to bank, money market of $20,000 fromBarbara
One Account is Equity Account
In side panel memo of cash write: Additional equity contributionfrom 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 KYSbank
For 5/15/2015:
Pay Levine, add new vendor Levine, for $3,000.
In side panel memo of cash write: For purchase of officesupplies, 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 formonth 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 formonth of May 2015
Instructions:
Enter above transactions into QuickBooks. To submit: go to homeà reportsà balance sheet and be sure your dates include May 1 to May31, 2015 Also click on the cash link on the balance sheet. Cut andpaste both of these reports into a document to submit.
