Practice Set #2, Ultimate Golf Visual, by Mark Krilanovich, April 8, 2012 (The "@" sign means "each." "w/" or "w/o" means "with or without bill.")

page 546 547 548

548

date

action (the icon) stuff more stuff

Week 1, Jan. 2-8 other party read the pages read the pages

1/2

Create Invoice

Tamara Yanov

1/2

Create Invoice

Maria Costini (OK to exceed credit limit)

1/2

Create Invoice

1/2

Create Invoice

1/2 1/2

Correct Invoice Receive Payment

Azar Hammar Palm Springs Schools 99-4058 South Palm Canyon Drive Palm Springs, CA 92262 760-555-4455 Claudia Colby, does pay Sales Tax Net 30, non-profit 10% discount Maria Costini Russ Tokumoto, Check 102-33

1/3

Create Invoice

Lori Sweeney

1/3

Create Invoice

Wade Schaub

1/3

Receive Payment

Mark Donlon

1/3

Create Sales Receipt

cash customer

Warning: this may contain errors! amount

object

$64.99@ $59.99@ $129.99@ $179.99@ $750@ $129.95@ $6.95@ $459@

2 2 1 1 1 1 5 4

$59.99@ $159.99@

5 golf bags 5 sets of starter clubs

$179.95 $2,175 $14.99@ $8.95@ $25.99@ $49.95@ $119.99@ $59.99@ $250@ $549.95@ $850 $99.95@ $9.95@

pairs women's shorts women's shirts woman's jacket pair women's shoes set graphite clubs golf bag sleeves golf balls titanium woods

for the golf bag partial payment of his account 3 gift sets 3 sleeves golf balls 5 golf hats 2 pairs men's shorts 1 pair golf shoes 2 men's shirts starter set of clubs titanium driver ("golf club wood") full payment of his account 1 golf bag 2 golf towels

Practice Set #2, page 2

page

date

action

549

1/3

Create Invoice

1/3

Receive Payment

1/5 1/5

change item list Print inventory report

1/5

issue Purchase Orders

1/5

issue Purchase Order

1/8 1/8 1/8

Create Sales Receipt Record Deposits Create Backup File

Week 1, Jan. 2-8 (continued) other party Hansen, Laura 45-2215 PGA Drive Rancho Mirage, CA 92270 760-555-3322 terms 1/10 Net 30, taxable, credit limit $1000 Gene Potter "Hats" to "Men's Hats" "Inventory Stock Status by Item" Issue Purchase Orders for all items marked "Order" on previous report. Use preferred vendors, 1 PO/vendor. Order Quantity = 10 + Reorder Point Quantity on Hand now Head Gear, Inc. 45980 West Los Angeles Street Los Angeles, CA 90025 Sally Lockhart 310-555-8787, 310-555-7878 [email protected] 2/10 N/20, credit limit $500 cash customer, check 1822 all receipts for this week "Golf (Backup Week 1)"

amount

$149.95@ $895@

$950 reorder at 12 for Jan. 1-5 $40@ $3@ $20@ $2@ $20@

$10@

$45.95@

object

1 pair women's golf shoes set of clubs

Check 2233 (partial payment) "Men's Golf Hats" use this report in next activity golf bags gift sets men's shorts towels women's shirts 5 women's hats, a new item "Women's Golf Hats", taxable COGS account = 5000, income 4000-Sales:4010-Accesso asset 1120-Inventory Asset reorder point 10, quantity on hand 0 as of 1/5/2011 2 men's golf hats

Practice Set #2, page 3 Week 2, Jan. 9-15 other party

page 549

date 1/10

action Receive Inventory w/o

550

1/10

Receive Inventory w/ bill

1/10 1/10 1/10

Refunds & Credits Refunds & Credits Create Invoice

Lori Sweeney, on Jan. 3, apply Inv. 5 Mark Donlon (part of opening balance) Russ Tokumoto

1/10

Create Sales Receipts

VISA customer

1/12

Enter Bill

1/12

purchase (which icon?) (I don't understand) using our VISA card

1/14 1/14 1/14 1/14 1/14

Enter Bill Receive Payment Receive Payment Record Deposits Create Backup File

amount

object

Head Gear Golf & Tennis Supplies & Equipment Specialty Golf Clothes, Inc. (I don't understand these instructions; I hope you do! First top paragraph, on page 550.)

Desert Telephone Co. 11-092 highway 111 Palm Springs, CA 92262 760-555-9285 Indio Office Supply 3950 46th Avenue Indio, CA 92201 Cheryl Logan 760-555-1535 700-555-5351 Head Gear; use 1/14/11 for the date Azar Hammar, check 3801 Tamara Yanov, check 783 (disc OK) all receipts for the week (disc OK) "Golf (Backup Week 2)"

1 $59.95 $1,600 $119.95 $119.95

$85.15

$175

$1,949.42 $594.53

gift set 1 golf shorts complete set of golf clubs graphite sand wedge (an "iron") graphite gap wedge (an "iron")

telephone bill, due in 30 days

office supplies

the previous order full payment of his account full payment of her account

Practice Set #2, page 4

page

date

550

1/17

551

1/17 1/17

1/18

Week 3, Jan. 16-22 other party

action bank returned bounced check 1822 to us Receive Payments Receive Inventory with bill Pay Bills

William Jones 8013 Desert Drive Desert Hot Springs, CS 92270 760-555-0100 Lori Sweeney, check 67-086 Golf & Tennis Supplies & Equipment; the bill is dated 1/16/11

Create Invoices

Lori Sweeney

1/18

return for credit memo

Specialty Golf Clothes, Inc.

1/20

Create Sales Receipts

a Master Card customer

1/20

Create Sales Receipts

a VISA card customer

1/20 1/20

print report, 1/1-1/20 edit item "GolfBalls"

Inventory Stock Status by Item in Purchase Description, insert space for any items shown on the report. Order Quantity = 10 + Reorder Point Quantity on Hand now

issue Purchase Orders

?

all bills eligible to receive discount if paid between Jan. 18 and 22.

1/18

1/20

amount $107.14 $15 $15 (NSF charges) $1,975.32

$199.95@ $1,200.00@ $129.95@ $9.95@ $20@ $49.95@ $89.95@ $9.95@ $1.95@ $5.95@ $1,495.00@ $249.95@ $179.95@ $189.99@ $149.99@

$3.50@ $20@ $10@

object his cash purchase, bounced check bank NSF charge our own NSF charge to Income account 4040 full payment of her bill the remaining 4 golf bags from an earlier purchase order (?) Use account "5010 Merchandise Discounts" as the disc. account 1 golf bag 1 set graphite clubs 1 putter ("Golf Clubs: Irons") 3 sleeves of golf balls 2 men's shirts, poorly stitched 1 men's golf hat 1 men's golf jacket 1 towel 2 packages of golf tees 16 sleeves of golf balls 2 sets golf clubs 2 new golf bags 1 men's jacket 1 pair (women's) golf shoes 1 women's jacket to use below "Golf Balls" sleeve golf balls men's and women's jackets men's and women's hats

Practice Set #2, page 5

page 551

page 551

552

date 1/20 1/20

action Record Deposits Create Backup File

Week 3, Jan. 16-22, continued other party all receipts for this week "Golf (Backup Week 3)"

amount

object

Pay Bills Receive Payments

Week 4 and End of Period, Jan. 23-31 other party amount all bills eligible for discount 1/23-1/30 Lory Sweeney, cash $500

apply toward her account

1/24 1/24

Receive Inventory w/ bills dated 1/23/11 Receive Payments Receive Payments

Specialty Golf Clothes, Inc. Golf & Tennis Supplies & Equipment Maria Costini, Check 1205 William Jones, check 9015

all items ordered all items ordered payment in full on her account apology for NSF

1/25

Receive Inventory w/

1/25

Enter Bills

Head Gear, Inc., dated 1/23/11 Palm Springs Rentals 11-2951 Palm Canyon Drive Palm Springs, CA 92262 Tammi Moreno 760-555-8368 760-555-8638

date 1/23 1/23 1/24

1/25 1/25

1/25

action

purchase (which icon?) (I don't understand) using our VISA card print report

Pay Bills

Indio Office Supply Unpaid Bills for 1/25/11 Specialty Golf Clubs, using $40 credit (read the paragraph in the textbook!) Golf Clubs, Inc Golf & Tennis Supplies & Equipment Sports Shoes Suppliers the rent

$137.14

object

all the hats that were ordered

$3,000

$150

rent due on Feb. 4

sales supplies

$1,000

amt owed on 12/31, due 1/10

$5,000 $500 $500

amt owed on 12/31, due 1/10 amt owed on 12/31, due 1/10 amt owed on 12/31, due 1/10

Practice Set #2, page 6 page 552

553

date 1/26 1/26

action print report Receive Payments

Week 4 and End of Period, Jan. 23-31, continued other party amount Unpaid Bills Detail, Jan. 26 (see text) Russ Tokumoto, Check no. 102-157 $1,600

1/29

Record Deposits

all checks and receipts for the week

1/30 1/30 1/30

print report Manage Sales Tax print Trial Balance

Sales Tax Liability pay sales tax due as of 1/30 $125 $600

1/30

adjusting entries

The balance of Prepaid Insurance account now is for 12 months.

journal entries print report

each owner's withdrawal Standard Balance Sheet

split between owners

3000-Your Name & Childers Cap.-Other

1/30

Create Backup File

"Golf (Backup Week 4)"

554

1/31

bank Reconcile

use checking statement on p. 554

555

1/31

VISA reconcile

use statement on p. 555

1/31

journal entries

Net Income/Retained Earnings

1/31 1/31 1/31 1/31 1/31 1/31 1/31

journal entries Create Backup File close the period edit transaction adjust item print Trial Balance Create Backup File

close each drawing account into: "Golf (Archive 01-31-11)" set closing date of 1/31/2011 transfer from "1320-Sales Supplies" Tees on hand; read the textbook.

1/30

"Golf (Backup Complete")

adj. entry $83.33 $100 $2,000 half half

object partial payment of his account

Office Supplies Used balance of Sales Supplies, 1/30 for the month of January depreciation Office Equip. Jan. depreciation Store Fixtures, Jan. for each owner shows amount for next one owner's account other owner's account

half half

one owner's account other owner's account each owner's capital

$50

to "1310-Office Supplies"