Accounting 290 Journal entry, income statement, balance sheet need Quickbooks

Jun 9th, 2015
SoccerBoss
Category:
Accounting
Price: $30 USD

Question description

This is going to sound like alot but if you have access to Quick Books and are familiar with basic accounting it shouldn't take that long to do both parts. The second part practically does it for you with the program. This is a 2 part 2 different assignment task the first part is past due because a tutor failed to deliver and is past due as of now. The second part is due in one week from right now, this has to be done on separate papers and followed as described in the 2 assignments using Quick books and transferring the information to an Excel file. 

PART ONE: 

Resources: QuickBooks® Online Assignment Supplementary Material, Ch. 4 -Accrual Accounting Concepts Presentation, and "Journal Entries" video

Access QuickBooks® Online

Using the QuickBooks® Online Assignment Supplementary Material, Ch. 4 -Accrual Accounting Concepts Presentation and the "Journal Entries" videocreate the following 7 adjusting entries for Sierra Corporation. All entries should be dated 10/31/2013.

ASSIGNMENT 1

3 adjusting journal entries effecting prepaid expenses

  • Reflect supply utilization by debiting supply expense for $1,500 and crediting supplies inventory for $1,500
  • Reflect insurance utilization by debiting insurance expense for $50 and crediting prepaid insurance for $50.
  • Reflect utilization of equipment by debiting depreciation expense for $40 and crediting accumulated depreciation $40.

1 adjusting entry effecting unearned revenues

  • Reflect revenue earned in October by debiting unearned revenue for $400 and crediting service revenue for $400.

1 adjusting entry effecting accrued revenues

  • Reflect revenue not previously recorded by debiting accounts receivable for $200 and crediting service revenue for $200.

2 adjusting entries effecting accrued expenses

  • Reflect interest expense not previously recorded by debiting interest expense for $50 and crediting interest payable for $50.
  • Reflect salaries expense earned but not paid out yet by debiting salaries expense for $1,200 and crediting salaries payable for $1,200.

Part 2

Using the input from Part 1, create a new Trial Balance:

  • Select "Reports" from the menu along the left-hand side.
  • In the Go to report search-box, type Trial Balance.
  • Select Trial Balance from the suggestions drop-down.
  • Input directly or select the dates to run the report.  These dates should correspond to the Sierra Corporation data you input.
  • Select the Excel tab at the top left of your screen to export this information into a Microsoft® Excel® document.
ASSIGNMENT 2

Access QuickBooks® Online

Using the QuickBooks® Online Assignment Supplementary Material, create an Income Statement (also called a Profit and Loss Statement in QuickBooks® Online) and Balance sheet for Sierra Corporation.

I have all of the Sierra Corporation information that needs to be input plus the assignment from the first part to create this report. 

Part 1

Income Statement

  • Select "Reports" from the menu along the left-hand side.
  • In the Go to report search-box, type Profit and loss.
  • Select Profit and loss from the suggestions drop-down.
  • Input directly or select the dates to run the report.  These dates should correspond to the Sierra Corporation data you input.
  • Select the Excel tab at the top left of your screen to export this information into a Microsoft® Excel® document.

Part 2

Balance Sheet

  • Select "Reports" from the menu along the left-hand side.
  • In the Go to report search-box, type Balance sheet.
  • Select Balance sheet from the suggestions drop-down.
  • Input directly or select the dates to run the report.  These dates should correspond to the Sierra Corporation data you input.
  • Select the Excel tab at the top left of your screen to export this information into a Microsoft® Excel® document.

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Rice University
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