Use the information in the “QuickBooks Assignment 1” document to complete this assignment.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Here is the link to sign up. Username is
[email protected]Password - Alexasar11!
https://www.intuit.com/partners/education-program/products/quickbooks/student-qbo-signup/Resource ACC-260 QuickBooks Assignment 1 Complete this assignment after following "ACC-260 QuickBooks Online Registration Instructions" in course materials. The purpose of this assignment is to have students become familiar with an accounting software package that is used in professional practice. Students will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks. Step 1: Import your chart of accounts. If you have previously used this QuickBooks company to complete your ACC-250 assignments, you will already have your chart of accounts imported and may skip this step. Go to QuickBooks and login to your company. From the menu on the left side of the screen, choose “Accounting” and select “Chart of Accounts.” Click on the green “New” at the upper right-hand side of the screen and choose “Import.” Using the “Browse” function, select the “ACC-260 QuickBooks Import File” provided in topic materials. Click “Next.” Click “Next” again, and then click “Import.” Step 2: Update your chart of accounts to include accounts related to a manufacturer. To convert your QuickBooks service company’s accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts. Those accounts are: 1. Raw Materials Inventory 2. Work in Process Inventory 3. Finished Goods Inventory 4. Wages Payable 5. Factory Overhead 6. Sales Revenue 7. Cost of Goods Sold 8. Selling and Administrative Expenses Go to QuickBooks and login to your company. Choose the “Accounting” menu from the left hand side of the screen, and select “Chart of Accounts.” Click “New” (green button on the upper right side of the screen). Enter the “Account Type,” “Detail Type,” and “Name” for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter “Save and New” to enter another account. “Save and Close” when you have entered all accounts. Step 3: Record the owner’s investment in the company inventory. On July 1, 2021, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer that you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company’s cash account. Go to QuickBooks and login to your company. Click the “+ New” button at the upper left hand corner of the screen. Choose “Journal Entry” under the “Other” column. Enter the “Journal Date” of “7/1/2021” and notice that the journal entry number will auto-populate. Journalize the transaction described above. Step 4: Enter the following entries for the month of July 2021. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during July. G. The cost of product completed and moved to the Finished Goods Inventory: $4,675. H. Sales on account: $2,000. The cost of the units sold was $975. I. Actual Factory Overhead costs for the month of July totaled $2,600. (All paid in cash.) These journal entries should be input into QuickBooks using the directions provided in Step 3. All entries should be dated "July 31, 2021," and should be auto-numbered through QuickBooks. For the "Description," enter "Journal Entry" and the letter of the adjustment from above. (For example, the description of the first Journal Entry would be “Journal Entry A.”) Step 5: Adjust for over or underallocated overhead to Cost of Goods Sold. Once you have completed Step Five above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be input as an entry dated “July 31, 2021” using the directions provided in Step 3. For the "Description," enter "Journal Entry J.” Step 6: Prepare the financial statements. Once you have entered the required journal entries from Steps 2-5, 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 "7/1/2021" to "7/31/2021.” Click "Run Report." Save the Profit and Loss statement as a PDF file named "LastnameFirstinitial.ACC260.QB.PL." 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 “7/1/2021" to "7/31/2021." Click "Run Report." Save the Balance Sheet as a PDF file named "LastnameFirstinitial.ACC260.QB.BS.” Submit your two financial statement files in LoudCloud. © 2020. Grand Canyon University. All Rights Reserved. Resource GCU Accounting Classes QuickBooks Registration Instructions Please note that if you have previously registered for QuickBooks Online as part of another GCU accounting class, you may use that login for your QuickBooks assignments for this class. If your free trial has expired, you may register for a new free trial. If you are unable to register, please notify the instructor who will request a registration code on your behalf. STEP ONE: Register Students at accredited academic institutions are eligible for a one-year student registration. College, University, and Trade-School students please complete the "QuickBooks Online for Students" form to confirm eligibility and unlock your free license for QuickBooks Online. The link is provided in the course materials. STEP TWO: Upload Verification Documentation QuickBooks randomly selects users to provide verification that they are students. If you are not prompted to provide verification documentation, you will skip this step. To complete verification, please submit any document that clearly shows your name and your specific student affiliation. Important - Your document must display the following: · Your full name · Your affiliation (Grand Canyon University) · A date within the last 3 months Examples of acceptable documents are: · Class Schedule · Transcript · Tuition Receipt · Any official document that displays your full name, college/university name, and a date within the last 3 months Acceptable file formats are: .bmp, .gif, .jpg, .png, or .pdf. Top of Form Bottom of Form Please be sure any sensitive information is blacked out before you upload your document. It may take up to three days for your registration to be verified. STEP THREE: Set up a company Upon verification of your account, set up a company. Select a company name that includes your first and last names and enter it into QuickBooks. · For example, Donna DeMilia’s Ice Cream Extravaganza. When prompted, indicate that you have been in business less than one year, and then check off all of the accounting functions when asked “What would you like to do in QuickBooks?” Click “Next.” STEP FOUR: Identify your role in the business When you are asked “What’s your role at your business,” select “Owner” from the list provided. The next prompt will be “Do you have an accountant or bookkeeper right now?” and you should choose the option “No I do it all myself.” Click “Next.” STEP FIVE: Track income and expenses When you are prompted “How do you want to track income and expenses,” uncheck “Automatically with linked accounts” and check “Manually add transactions.” Click “All set.” Congratulations! You are now ready to complete your assignment. © 2020. Grand Canyon University. All Rights Reserved.