I have reviewed some of the answers posted previously. I do not think they are accurate so I am reposting this question.Introduction to QuickBooks™: Journal Entries for Merchandising Activities: Sales and PurchasesRegister for QuickBooks Online Simple Start 2015: https://qbo.intuit.comFor PC and Mac. You may have to start with a free trial with a credit card and cancel directly after module 5 is completedOnce QuickBooks™ is loaded you may have to reboot your computer. 1.Setting up company:Go to Home page select the widget to the direct top right of the word ‘help’ and select on the left side ‘settings’ then company setting.For each edit hit the pen picture on the right hand side of each section. Enter the company name Pit Bull Sings T-Shirt. Enter information as indicated below:Company address: c/o CSU- Global; 7800 Orchard Road- Suite 200City: Greenwood Village CO 80111State: COZIP code: 80111Phone Number: 999.999.9999Choose Accrual BasisGo to advanced setting and be sure everything is turned on except the accounting setting for the closing of the books.X out of this screen which returns you to the home page.TIPS:In the home page go to the top right hand corner to the right of the name of the company click the gear symbol which is the main link for everything you need for changes.Input is on the left-hand side of the home page with links to customers vendors and transactions. Add one customer (see tight top corner for the button for new): Lair Corp. Add three vendors: Arotek Sheng Freight and Waters Corporation. Also in the left in chart of accounts be sure there is a current asset account called accounts receivable and a current liability account called accounts payable.For doing the journal entries below: Go to top panel in the middle of the top of the screen where there is a plus sign ( ) and select journal entries found in the other section. In the cash on and credit to opening equity give company an opening balance of $100 000 cash and equity.It is up to you to create the correct accounts with the proper journal entriesImportant to remember:Do not forget to click on ‘save and new’ after you input and file.Backup your company information many times as you work. To do this click the button at the bottom of each screen called: save and newAlways check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entryAlways best to record terms within the journal entry in the extra line provided to the right of A/R or A/PAlways best to record terms within the journal entry in the extra line provided to the right of A/R or A/P2. Prepare journal entries. Be sure all dates agree with the problem and are not today’s dateAUG 1 2015 – Purchased T-shirts (BI= 0 other assets inventory) from Arotek. Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek vendor terms are 1/10 n/30.AUG 4 2015 – At Arotek’s request Pit Bull sings paid $200 cash to Sheng Freight for freight expenses on the August 1. AUG 5 2015 – Sold merchandise to Laird Corp. 1040 T-shirts at $5.00 each. Liar Corporation customer is given credit terms to 2/10 n/60 FOB destination. The merchandise had cost of $3.846. Round to nearest dollar.AUG 8 2015 – Purchased Specialized T-shirts from Waters Corporation. Bought 1000 shirts at $4.50 each. Waters Corporation vendor terms are 1/10 n/45.AUG 9 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round to nearest dollar.Instructions: Enter above transactions into QuickBooks. To submit: go to home reports balance sheet and be sure your dates include August 1 2015 to August 8 2015. Also click on the inventory figure on the balance sheet to see the transactions within inventory. Cut and paste both of these reports into a document to submit.
