ACC-250 Topic 5 Complete after following the QuickBooks registration instructions. STEP 3: Confirm your unadjusted trial balance Choose the “Reports menu from the left hand side of the screen. Scroll down to the ‘For My Accountant menu and choose “Trial Balance”.
Choose “Custom” for the date description and enter the dates 1/1/2017 to 1/31/2017″. Click “Run Report”. Save the Trial Balance as a pdf file for use in preparing your adjusting entries in Step Four STEP 1: Import your chart of accounts. Go to QuickBooks and login to your company. Choose the settings cog at the upper right hand of the screen. Select Import Data’ under the ‘Tools’ list. Click on the “Chart of Accounts’ box. Using the “Browse function, select the “ACC250 QuickBooks Import File” provided in your LoudCloud classroom. Click “Next”. click “Next” again, and then click “Import”. STEP 4: Enter your adjusting entries. STEP 2: Enter the beginning account balances. Click the “+” (Creato) button at the upper right hand corner of the screen. Choose “Journal Entry under the “Other’ column. Enter Journal Entry #1 with the date of 1/1/2017. The journal entry appears below. Under “Description”, type “Beginning Balance For Accounts Receivable and Accounts Payable, you will need to fill in the ‘Name’ column. For Accounts Receivable, click ‘Add New from the drop-down menu in the “Name” columnn. Enter A Customer’ as the name and choose “Customer’ as the type. Click Save”. For Accounts Payable, click “Add New from the drop-down menu in the “Name” columrin. Enter “A Vendor’ as the name and choose “Vendor’ as the type. Click Save” Using the Trial Balance prepared in Step Three and the data below. prepare and enter the five necessary adjusting entries for the month of January 2017. Adjustment data: a. Office Supplies on hand, $120. b. Accrued Service Revenue, $1,200. c. Accrued Salaries Expense, $1,000. d. Prepaid Insurance for the month has expired, $250. e. Depreciation was recorded on the truck for the month, $250. The adjusting entries should be input as Journal Entries 2 through 6, dated January 31, 2017″, using the directions provided in Step Two, above. For the “Description”, enter ‘Adjusting Entry” and the letter of the adjustment from above. Account Debits Credits Name 1.200 A Customer STEP 5: 20.000 Description Beginning Balance Beginning balance Berinning Balance Beginning Balance Beginning Balance 230 Beginning Balance 400 Beginning Balance 2,200 Beginning Balance 43.350 Derin Balance Pepinning Balance 3.490 Beginning balance Herinnine Balance Beginning Palanca Beginning Balance Accounts Receivable loffice Supplies Prenaid Insurance Trutk Accumulated Depreciation – Truck Accounts Payable Uncarned Revenue Owren’s Capital Owner’s Withdrawals Service Revenue Salaries Experse Fuel Fxpanse Rent Expense Prepare the financial statements. Choose the “Reports’ menu from the left hand side of the screen. Scroll down to the “Business Overview menu and choose “Profit and Loss”. This is the company’s income statement. Choose “Custom for the date description and enter the dates 1/1/2017″ to 1/31/2017”. Click “Run Report”. Save the Profit and Loss statement as a pdf file named “LastnameFirstinitial.ACC250.QB.PL”. JA Vendor 2.000 1.500 20 Choose the “Reports menu from the left hand side of the screen. Scroll down to the Business Overview menu and choose “Balance Sheet”. Choose “Custom’ for the date description and enter the dates “1/1/2017 to 1/31/2017′. Click ‘Run Report”. Save the Balance Sheet as a pdf file named “LastnameFirstinitial.ACC250.QB.BS”. 1.600 Submit your two financial statement files in LoudCloud. 2019. Grand Canyon University. All Rights Reserved 2019. Grand Canyon University. All Rights Reserved