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Module 5: Critical Thinking Critical Thinking Assignment (60 Points) Important! Read First Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. When you are ready to submit, click the Module 5 Critical Thinking header on the Assignments page to upload the document. ________________________________________ Option #1: Practice in QuickBooks™: The Case of Sam’s Company Continue to use your QuickBooks™ access. Return to the QuickBooks™ home page. Delete the information from module 3. Remember to delete the free trial and, if you entered, your credit card information after you submit module 5. 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, Sam’s Company (option 1) TIPS: 1. 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. 2. Input is on the left-hand side of the home page with links to customers, vendors, and transactions 3. 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. 4. It is up to you to create the correct accounts, with the proper journal entries. Important 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 new • Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entry • Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P Prepare journal entries. Be sure all dates agree with the problem and are not today’s date: For 6/1/2015: • Go to + for making journal entries: opening equity and title equity as EQUITY. • Deposit $150,000 to Cash • In side panel memo of cash write: Initial deposit from owner For 6/3/2015: • Buys for cash furniture and equipment from Weiss, add new vendor Weiss, for $50,000. • In side panel memo of cash write: For furniture and equipment from Weiss For 6/10/2015: • Deposit on bank money market the amount of $40,000 from Pat B, add new customer, Pat B, for Consulting Revenue • In side panel memo of cash write: Work completed on 6/10/15 for Pat B For 6/20/2015: • Pay Wansi, add new vendor Wansi, for $5,000 for purchase of supplies which are other current assets, inventory • In side panel memo of cash write: For purchase of supplies from Wansi For 6/30/2015: • Deposit on bank money market the amount of $120,000 from Bill Mak, add new customer, Bill Mak, for Consulting Revenue • In side panel memo of cash write: Work completed on 6/30/2015 for Bill Mak For 6/30/2015: • Pay #1 Employee, add new employee #1 Employee, for $3,000 • In side panel memo of cash write: Payroll expense to #1 Employee for month of June 2015 Instructions: 1. Enter the above transactions into Quickbooks. 2. Submit a Balance Sheet with dates of June 1 to June 30, 2015. 1. Go to the left side bar and click on “Reports” 2. Then, click on “Balance Sheet” 3. Change the dates as needed to June 1 to June 30, 2015 4. Click “Run Report” 5. Copy and Paste into a Word document 3. Submit the listing of the cash transactions that are in the General Ledger. 1. Go to the Balance Sheet that you just copied and pasted….make sure you are in Quickbooks. 2. Click on the dollar amount of “Cash” on the balance sheet 3. A listing of the cash transactions should appear on your screen. 4. Copy and Paste the cash transactions in the same Word document as the Balance Sheet 4. Submit the Word document that has both the Balance Sheet and the cash transactions on it.

Module 5: Critical Thinking

Critical Thinking Assignment (60 Points)

Important! Read First

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. When you are ready to submit, click the Module 5 Critical Thinking header on the Assignments page to upload the document.

Option #1: Practice in QuickBooks™: The Case of Sam’s Company

Continue to use your QuickBooks™ access. Return to the QuickBooks™ home page. Delete the information from module 3. Remember to delete the free trial and, if you entered, your credit card information after you submit module 5.

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, Sam’s Company (option 1)

TIPS:

  1. 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.
  2. Input is on the left-hand side of the home page with links to customers, vendors, and transactions
  3. 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.
  4. It is up to you to create the correct accounts, with the proper journal entries.

Important 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 new
  • Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entry
  • Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P

Prepare journal entries. Be sure all dates agree with the problem and are not today’s date:

For 6/1/2015:

  • Go to + for making journal entries:  opening equity and title equity as EQUITY.
  • Deposit $150,000 to Cash
  • In side panel memo of cash write: Initial deposit from owner

For 6/3/2015:

  • Buys for cash furniture and equipment from Weiss, add new vendor Weiss, for $50,000.
  • In side panel memo of cash write: For furniture and equipment from Weiss

For 6/10/2015:

  • Deposit on bank money market the amount of $40,000 from Pat B, add new customer, Pat B, for Consulting Revenue
  • In side panel memo of cash write: Work completed on 6/10/15 for Pat B

For 6/20/2015:

  • Pay Wansi, add new vendor Wansi, for $5,000 for purchase of supplies which are other current assets, inventory
  • In side panel memo of cash write: For purchase of supplies from Wansi

For 6/30/2015:

  • Deposit on bank money market the amount of $120,000 from Bill Mak, add new customer, Bill Mak, for Consulting Revenue
  • In side panel memo of cash write: Work completed on 6/30/2015 for Bill Mak

For 6/30/2015:

  • Pay #1 Employee, add new employee #1 Employee, for $3,000
  • In side panel memo of cash write: Payroll expense to #1 Employee for month of June 2015

Instructions:

  1. Enter the above transactions into Quickbooks.
  2. Submit a Balance Sheet with dates of June 1 to June 30, 2015.
    1. Go to the left side bar and click on “Reports”
    2. Then, click on “Balance Sheet”
    3. Change the dates as needed to June 1 to June 30, 2015
    4. Click “Run Report”
    5. Copy and Paste into a Word document
  3. Submit the listing of the cash transactions that are in the General Ledger.
    1. Go to the Balance Sheet that you just copied and pasted….make sure you are in Quickbooks.
    2. Click on the dollar amount of “Cash” on the balance sheet
    3. A listing of the cash transactions should appear on your screen.
    4. Copy and Paste the cash transactions in the same Word document as the Balance Sheet
  4. Submit the Word document that has both the Balance Sheet and the cash transactions on it.