Set up your QuickBooks™ access, and then go to the QuickBooks™ home page. Select “chart of accounts” and enter each line item in the chart of accounts as follows:
1st of month: Beginning cash is $200,000; beginning equity is $200,000.
9th of month: Accounts receivable increase $90,000; corresponding account construction income (Quick add: XYZ, customer).
11th of month: Construction in progress increase $100,000; corresponding accounts payable due in 10 days (Quick add: ABC Company, vendor).
12th of month: Furniture and equipment increase $50,000; corresponding account cash (ABC Company, vendor).
15th of month: Construction income increase 0,000; corresponding account accounts receivables (XYZ, customer).
20th of month: Loan from MNO Bank $60,000; corresponding cash account (Quick add: MNO Bank, other).
30th of month: Make individual cash entries (for each amount to corresponding expense items) for payroll expense $10,000; rent expense $1,000; telephone expense $300; and utilities expense $500 (Quick add and use for all: Misc., other).
Instructions:
In an Excel worksheet, submit to the assignment area the standard balance for the end of last month for the Bentley Huge Construction Company:
- Go to the top ribbon called “Reports” from Company and Financial and Balance Sheet Standard.
- To export the chart of accounts to Excel, select the Excel tab and then select “create a new worksheet.”
- Save the file as your last name_ first name.
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