BUSA 101

Comprehensive Problem 3 - Schmidt

 

Sign in to the computer, using the following information:

User Name: quickbooks

Password:    quickbooks

Domain:       PCxxxx (This computer)

 

Since you have now used QuickBooks to complete two previous problems, you should be familiar with the basics of the software by now.  Hence, directions are limited for this problem.

 

Open your book to pages 480 to 483.

 

Download the file for Hirata Company from my website www.cerritos.edu/dschmidt .  Choose the Course Materials link, and RIGHT CLICK (not left click) on the File for Comp. Prob. 3. It’s down below the Chapter 10 materials.  Save it to your flash drive.  Once you have saved the file, exit out of the internet.

 

 Get into QuickBooks and open your file as you have done in the past.  Customize the company name as you have done in the past to include your own last name.  My company name would be changed to be something like “Schmidt and Hirata Company.”

 

1.  Prepare the Journal entries for transactions from Jan 2. to Nov. 30.  Use the year of  2008 to record all of your transactions.  After you have recorded the transactions, you may want to print out and review a general journal from the reports menu.

 

Some of the transactions were not covered in detail.  Here are some hints to help you with several transactions. I am providing you with these journal entries to assist you, as they were not covered much during class time:

 

Jan 2    Petty Cash                                            1,400

                        Cash                                                    800

                                    Establish petty cash fund

 

Mar 1   Office supplies                          678

            Misc. Selling exp                      389     

            Misc. Admin Exp                      245     

                        Cash                                        1312

                                    Replenish petty cash fund

 

Dec. 30            Pension Expense                       65,000

                                    Cash                                        57450

                                    Unfunded Pension Liab 7550

                                                Record pension cost for the year.

 

 

2.  Follow the instructions for requirement 2 and prepare a bank reconciliation using good format.  You can either do it on paper or use Excel.

 

3.  After you prepare the bank reconciliation journalize the adjustments needed based on the results of your bank reconciliation. Enter these into Quickbooks as you would any other entry. 

 

4.  Journalize the adjusting entries described in letters (a) through (j).  You should SHOW YOUR CALCULATIONS on a piece of scratch paper that you will turn in.

 

5.  This requirement is being omitted. There is no need to print out a trial balance or balance sheet.

 

6.  Make one last adjustment for the estimated inventory described.  Once Again, SHOW YOUR WORK on the calculations page.  Print out a final journal showing all transactions input.

 

This assignment is due at the end of class on Wednesday.  It is an “in class” project. 

 

Turn in the following in order:

General Journal with ALL TRANSACTIONS

Bank Reconciliation  (prepared on either paper or in Excel)

Calculation paper showing how all amounts of adjustments were derived. Also include calculation for #6 at bottom.