PEACHTREE COMPLETE 2008 WORKSHOP 5: PART B ABBY S TOY HOUSE

Transcription

1 PEACHTREE COMPLETE WORKSHOP 5: PART B ABBY S TOY HOUSE Mini Practice Set on Customer, Vendor and General Journal Transactions This workshop builds on skills learned in workshops 1 through 4 and reviews skills learned in Part A of Workshop 5 so be sure to complete these workshops before beginning this one. In this workshop you will use the customer, vendor, and general ledger modules of Peachtree Complete Accounting to record March accounting transactions for Abby s Toy House. You will need to download the Abbys Toy House data file for Peachtree from the MyAccountingLab website before beginning this workshop. Refer to the Installing Peachtree Complete Accounting and Student Data Files document for instructions on downloading this file. And now for background on the company. Abby Ellen opened Abby s Toy House in March of. Her newly hired accountant now asks you to record the company s March transactions. Open the Company Data File 1. Begin by opening Peachtree Complete Accounting and then opening the data file named Abby s Toy House. Add Your Name to the Company Name 2. Click Maintain on the main menu and select Company Information. Add your name or initials to the company name. Click OK to save your changes.

2 Peachtree Complete Workshop 5: Part B Abby s Toy House Page 2 Record March Transactions 3. Now record the following March transactions. Remember you will be using the customer, vendor, and general ledger modules of Peachtree so we have identified the transaction window to use as follows: General Journal (GJ) Sales/Invoicing (SI) Customer Credit Memos (CCM) Receipts (R) Purchases/Receive Inventory (PR) Vendor Credit Memos (VCM) Payments (P) 1 Abby Ellen invested $8,000 in the toy store. (GJ) 1 Paid three months' rent in advance using an electronic funds transfer (EFT), $3,000. (GJ) 3 Purchased the following merchandise from Earl Miller Company on account, invoice number 410 dated March 2 for $4,000. Terms are 2/10, n/30. (PR) 6 Mountain Bikes 12 Bike Carriers 8 Deluxe Bike Seats 3 Sold the following merchandise to Bill Burton on account. Invoice number 1 for $1,000. Terms are 2/10, n/30. (SI) 1 Mountain Bike 1 Bike Carrier 6 Sold the following merchandise to Jim Rex on account. Invoice number 2 for $700. Terms are 2/10, n/30. (SI) 1 Deluxe Bike Seat 3 Bike Carrier

3 Peachtree Complete Workshop 5: Part B Abby s Toy House Page 3 8 Purchased the following merchandise from Earl Miller Company on account. Invoice number 415 dated March 9 for $1,200. Terms are 2/10, n/30. (PR) 2 Mountain Bikes 4 Bike Carriers 9 Sold the following merchandise to Bill Burton on account. Invoice number 3 for $600. Terms are 2/10, n/30. (SI) 3 Bike Carriers 9 Paid cleaning service bill for $300 using an EFT. (GJ) 10 Jim Rex returned the following merchandise on invoice number 2 costing $300 to Abby s Toy House. Abby issued credit memo number CM1. (CCM) 1 Bike Carrier 1 Deluxe Bike Seat 10 Purchased the following merchandise from Minnie Katz on account. Invoice number 311 for $4,000 dated March 11. Terms are 1/15, n/60. (PR) 2 Doll Houses w/ Furniture 4 Porcelain Face Dolls 10 Yo Yo, Designer 10 Magic Kits 12 Issued check number 1 for $3,920 to Earl Miller Company paying invoice number 410 dated March 2 for $4,000. Payment includes a 2 percent discount of $80. (P) 13 Sold the following merchandise to Amy Rose for $1,300 in cash. Note: You will enter the transaction on the Apply to Revenues tab of the Receipts window. Delete data in the Deposit Ticket ID field, use 001 as the Reference Number, and change the Payment Method to Cash. (R) 1 Doll House w/ Furniture 1 Magic Kit 13 Paid salaries of $600 using an EFT. (GJ)

4 Peachtree Complete Workshop 5: Part B Abby s Toy House Page 4 14 Returned the following merchandise to Minnie Katz purchased on invoice number 311 for $1,000. Minnie issued Abbey credit memo number CM311. (VCM) 1 Doll House w/ Furniture 2 Porcelain Face Dolls 15 Sold the following merchandise to Amy Rose for $4,000 in cash. Use a Reference number of 002. (R) 3 Mountain Bikes 3 Bike Carriers 2 Magic Kits 4 Yo Yo, Designer 16 Received check number 9823 from Jim Rex for $392 paying invoice number 2 for $700 issued on March 6. Payment includes credit memo CM1 for $300 and a 2 percent discount of $8. (R) 16 Received check number 4589 from Bill Burton for $1,000 paying invoice number 1 issued on March 2. (R) (Note: Invoice paid past the discount date so no discount included.) 16 Sold the following merchandise to Amy Rose on account. Invoice number 4 for $4,000. Terms are 2/10, n/30. (SI) 1 Porcelain Face Doll 3 Mountain Bikes 4 Bike Carriers 3 Deluxe Bike Seats 20 Purchased a delivery truck on account from Sam Katz Garage. Invoice number 111 dated March 21 for $3,000. No discount terms so click this icon on terms and delete the data in the Displayed Terms field. (PR) Note: This is not an inventory purchase so you do not enter Quantity or Item. Instead, enter the Description of Purchase delivery truck and verify that the GL Account is 121. You will also need to supply the Amount. 22 Sold the following merchandise to Bill Burton merchandise on account. Invoice number 5 for $900. Terms are 2/10, n/30. (SI) 3 Magic Kits

5 Peachtree Complete Workshop 5: Part B Abby s Toy House Page 5 23 Issued check number 2 to Minnie Katz for $2,970 paying invoice number 311 dated March 11 for $4,000. Payment includes the credit memo for $1,000 and a 1 percent discount of $30. (P) 24 Sold the following merchandise on account to Amy Rose. Invoice number 6 for $1,100. Terms are 2/10, n/30. (SI) (Note: The owner has approved exceeding the customer credit limit so click Yes when prompted.) 1 Porcelain Face Doll 1 Magic Kit 3 Yo Yo, Designer 25 Purchased the following merchandise for $600 on check number 3 from Woody Smith. (P) (Note: You will be using the Apply to Expenses tab of the Payments window to enter the items while paying the vendor.) 2 Marionettes, Hand Carved 26 Purchased the following merchandise from Woody Smith on account. Invoice number 211 dated March 27 for $4,800. Terms are 2/10, n/30. (PR) 16 Marionettes, Hand Carved 28 Received check number 4598 from Bill Burton for $882 paying invoice number 5 issued on March 22 for $900. Payment includes 2 percent discount of $18. (R) 28 Received check number 3217 from Amy Rose for $1,078 paying invoice number 6 issued March 24 for $1,100. Payment includes 2 percent discount of $22. (R) 28 Abby invested an additional $5,000 in the business. (GJ) 28 Purchased the following merchandise from Earl Miller Company on account. Invoice number 436 dated March 29 for $1,400. Terms are 2/10, n/30. (PR) 3 Mountain Bikes 2 Bike Carriers 30 Issued check number 4 to Earl Miller Company for $1,372 paying invoice number 436 dated March 29 for $1,400. Payment includes 2 percent discount of $28. (P)

6 Peachtree Complete Workshop 5: Part B Abby s Toy House Page 6 30 Sold the following merchandise to Bonnie Flow Company on account. Invoice number 7 for $3,000. Terms are 2/10, n/30. (SI) 5 Marionettes, Hand Carved Print Reports 4. Finally, print the following March reports to document your work. a. Aged Receivables (Total = $7,600) b. Aged Payables (Total = $9,000) c. General Journal (Total = $16,900) d. General Ledger (Cash Balance = $8,890) e. General Ledger Trial Balance (Total = $38,438) Backup and Exit 5. You have now completed Part B of the workshop. Back up your work to a file that includes the company name and then exit the software.