Module 5: Critical Thinking

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Module 5: Critical Thinking

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Critical Thinking Assignment (60 Points)

Important! Read First

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. When you are ready to submit, click the Module 5 Critical Thinking header on the Assignments page to upload the document.

Follow these directions to set up QuickBooks™ for the Module 5 Critical Thinking Assignment:

    1. Load the QuickBooks™ disc.
    2. Enter the information found on the disc sleeve when asked for the license and product number.
    3. Once QuickBooks™ is loaded, reboot your computer.
    4. Once the computer is re-booted, click the icon entitled QuickBooks™, go through the agreement question(s), select “create a new company” and then select “express set-up.”
    5. Enter the company name in your assignment option choice.
    6. Enter the industry: “accounting and bookkeeping.”
    7. Enter the type of company: “sole proprietorship.”
    8. Enter the Tax ID number as 99-1234567.
    9. Select “no employees but might have in the future.”
    10. Enter your address, phone number, and CSU-Global student email address, and then enter www.csuglobal.edu for the website.
    11. Wait for QuickBooks™ to create your company.
    12. Select the right-hand corner icon called “start working.”
    13. Select “Home” from the list in the left-hand column. The home page will appear as follows:

(Source: http://topnotchbookkeeping.com/2011/05/quickbooks-homepage-is-it-yours/

 

  • Among the icons on the screen (i.e., Vendors, Customers, Employees, Company, and Bank), select “Chart of Accounts” under Company and a list of the company accounts will appear.
  • In the top ribbon click “Edit” (second icon over from the top), and then from the drop–down menu select “add a new account.”
  • Add a cash account for “CDE Bank” as a bank account, and a loan account for “ABC Bank.”
  • From the other account drop-down menu, add other current asset account called “office supplies.”

 

Important items to remember:

  • Do not forget to hit ‘save and close’ after you input and file and backup your company’s information often.
  • Always check to be sure your input dates are last month’s date. It is very important to do that, especially if you cannot find an input.

Option #1: Practice in QuickBooks™: The Case of Sam’s Company

Continue to use your QuickBooks™ access. Return to the QuickBooks™ home page.

For 1/1/2015:
Go to home, then select chart of accounts, and then select opening equity and title equity as EQUITY.
Deposit $150,000 to the CDE Bank Account (Quick add: Other).

Select “Banking Section” from the icons on the screen (i.e., Vendors, Customers, Employees, Company, and Bank). All five transactions that follow will be completed in the CDE Bank Account in this section.

For 1/3/2015:
Select “write a check” and a picture of a check will appear.
On check, write: Pay-to-the-order-of: Weiss (Quick add: Vendor) for $50,000.
In memo, write: For purchase of plant and equipment.
Account is Furniture and Equipment.

For 1/10/2015:
Select record a deposit of $40,000 from ABC Bank (Quick add: Other).
Account is Consulting Income.
In memo, write: Work completed on 1/10/15.

For 1/20/2015:
Select write a check and a picture of a check will appear.
On check, write: Pay-to-the-order-of: Wansi (Quick add, Vendor) for $5,000.
In memo, write: For purchase of office supplies.
Account is Supplies.

For 1/31/2015:
Record a deposit of $120,000 from Bill (Quick add: Customer).
Account is Consulting Income.
In memo, write: Work completed on 1/31/2015.

For 1/31/2015:
Select “write a check” and a picture of a check will appear.
On check, write: Pay-to-the-order-of: #1 Employee (Quick add: Employee) for $25,000.
In memo, write: Payroll expense for month of January, 2015.
Account is Payroll Expense.

Instructions:

  • In an Excel worksheet, submit to the assignment area the standard balance for the end of last month for Sam’s Company.
  • Go to the check register icon, then to the top ribbon called Reports, then select Company and Financial, and then select Statement of Cash Flow Report. Make sure that the dates on top are from January 1 to January 31, 2015.
  • To export data to Excel, select the Excel tab and then select “create a new worksheet.”
  • Save your file as your last name_first name.
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