How to enter adjusting entries in quickbooks

Quickbooks

QuickBooks Assignment

Complete after following the QuickBooks registration instructions.

STEP 1:

Import your chart of accounts.

Go to QuickBooks and login to your company. Choose the settings cog at the upper right-hand corner of the screen. Select "Import Data" under the "Tools" list. Click on the "Chart of Accounts" box. Using the "Browse" function, select the "ACC250 QuickBooks Import File" provided in your LoudCloud classroom. Click "Next," click "Next" again, and then click "Import."

STEP 2:

Enter the beginning account balances.

Click the "+" (Create) button at the upper right-hand corner of the screen. Choose "Journal Entry" under the "Other" column. Enter Journal Entry #1 with the date of 1/1/2017. The journal entry appears below.

Under "Description," type "Beginning Balance." For Accounts Receivable and Accounts Payable, you will need to fill in the "Name" column. For Accounts Receivable, click "Add New" from the drop-down menu in the "Name" column. Enter "A Customer" as the name and choose "Customer" as the type. Click "Save." For Accounts Payable, click "Add New" from the drop-down menu in the "Name" column. Enter "A Vendor" as the name and choose "Vendor" as the type. Click "Save."

STEP 3:

Confirm your unadjusted trial balance.

Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "For My Accountant" menu and choose "Trial Balance." Choose "Custom" for the date description and enter the dates "1/1/2017" to "1/31/2017." Click "Run Report." Save the Trial Balance as a PDF file for use in preparing your adjusting entries in Step 4.

STEP 4:

Enter your adjusting entries.

Using the Trial Balance prepared in Step 3 and the data below, prepare and enter the five necessary adjusting entries for the month of January 2017.

Adjustment Data

a. Office supplies on hand: $120

b. Accrued service revenue: $1,200

c. Accrued salaries expense: $1,000

d. Prepaid insurance for the month has expired: $250

e. Depreciation was recorded on the truck for the month: $250

The adjusting entries should be input as Journal Entries 2 through 6, dated "January 31, 2017," using the directions provided in Step 2. For the "Description," enter "Adjusting Entry" and the letter of the adjustment from above.

STEP 5:

Prepare the financial statements.

Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Profit and Loss." This is the company's income statement. Choose "Custom" for the date description and enter the dates "1/1/2017" to "1/31/2017". Click "Run Report." Save the Profit and Loss statement as a PDF file named "LastnameFirstinitial.ACC250.QB.PL."

Choose the "Reports" menu from the left-hand side of the screen. Scroll down to the "Business Overview" menu and choose "Balance Sheet." Choose "Custom" for the date description and enter the dates "1/1/2017" to "1/31/2017." Click "Run Report." Save the Balance Sheet as a PDF file named "LastnameFirstinitial.ACC250.QB.BS".

Submit your two financial statement files in LoudCloud.

© 2019. Grand Canyon University. All Rights Reserved.

AccountDebitsCreditsDescriptionName

Cash22,500 Beginning Balance

Accounts Receivable1,300 Beginning BalanceA Customer

Office Supplies700 Beginning Balance

Prepaid Insurance750 Beginning Balance

Truck20,000 Beginning Balance

Accumulated Depreciation - Truck250 Beginning Balance

Accounts Payable400 Beginning BalanceA Vendor

Unearned Revenue3,200 Beginning Balance

Owner's Capital43,350 Beginning Balance

Owner's Withdrawals2,000 Beginning Balance

Service Revenue3,450 Beginning Balance

Salaries Expense1,500 Beginning Balance

Fuel Expense250 Beginning Balance

Rent Expense1,600 Beginning Balance