ACC 210 Week 5 QuickBooks® Online Training Module 5: Accountant Tools and Troubleshooting Practice

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ACC 210 Week 5 QuickBooks® Online Training Module 5: Accountant Tools and Troubleshooting Practice
ACC 210 Week 5 QuickBooks® Online Training Module 5: Accountant Tools and Troubleshooting Practice
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ACC 210 Week 5 QuickBooks® Online Training Module 5: Accountant Tools and Troubleshooting Practice

Part 1

Use the QuickBooks® Online sample company, Craig’s Design and Landscaping Services, to practice the transactions in Part 2 before entering them in your Grant Corporation books for submission.

Part 2

Use QuickBooks® Online to complete the following in Grant Corporation:

Receive payment using the Customers Dashboard.

USE THE DATES GIVEN and add the current year.

  1. Oct 28 – Dentist for $20,000 (Check #13002).

Enter three expenses using the Vendors Dashboard. The Create Expense option can be found on right side, below the Action label, click the arrow next to Create Bill. Do NOT use the Create Bills option; this results in Accounts Payable.

USE THE DATES GIVEN and add the current year.

  1. Oct 31 – $10,000 Salaries and Wages Expense paid to the Employees for second half of the monthly wages. Hint:  When expense page opens, insert correct date, delete previous description, and add “Second half of month’s salaries” in description box.

  2. Oct 31 – $2,000 Interest Expense paid to the Investors.

  3. Oct 31 – $1,000 Tools Expense paid to Superior Equipment Sales for small tools.

Run the following reports using the Reports Dashboard:

USE THE DATES GIVEN and add the current year.

  • Under Recommended Reports, click on Profit and Loss. Set transaction dates as October 1-31.

    • Export the Profit and Loss Report as a Microsoft® Excel® file to your desktop.

  • Under Recommended Reports, click Balance Sheet. Set both transaction dates as October 31.

    • Export the Balance Sheet Report as a Microsoft® Excel® file to your desktop.

  • Under Accountant Reports, click Trial Balance. Set both transaction dates as October 31.

    • Export the Trial Balance Report as a Microsoft® Excel® file to your desktop.

Analyze the reports to make sure they agree with the transactions in part 2. Hint: Net Income should equal $37,000; Total Assets should be $37,000; Trial Balance totals should be $70,000.

Click the Assignment Files tab to submit the Profit and Loss, Balance Sheet, and Trial Balance Reports.