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Financial Accounting Practice Sets
 
Using Software

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11/1/18/2918     Please use as a link, as textbooks/supplements, and

Linda's Video Showcase
is lengthy introduction to accounting merchandising.

Instructions

1. Linda's Video Showcase is lengthy introduction to accounting for a 
merchandising company. Linda has decided to convert to your software 
as of January 1 of the current year. Be sure your tax tables has the current year. 
If not, use the latest year you have tax tables for as the dates for this practice set.

2. Enter the following information in the appropriate section of your software.  
Peachtree Accounting calls it setting up a new company.
 
Linda's Video Showcase is a sole proprietorship. It is a video rental company using accrual accounting system with real-time posting.  company with a Federal Tax 
ID Number of 222222222. It uses an accrual accounting system with real-time posting.  The conversion will begin on January 1 of the current year.3. Customer Defaults
Credit limits will be $50,000, finance charges of 18% on balances up to $10,000
and 21%, and interest will be charged on finance charges.

4. Accept defaults for statements and invoices.

5. Vendor defaults Credit limits will be $50,000, aging defaults and vendor defaults will be accepted.

6. Accept inventory defaults.

7. Accept payroll defaults with a state unemployment tax of 4.5%.

8. Use the Trial Balance to set up beginning balances.

9. Use Tables A and B  to create customer accounts and outstanding invoices.

10. Use Tables C and D  to create Vendor accounts and outstanding invoices.

11. Use Tables E and F to create inventory accounts, employee accounts, and their balances.

The following tables contain three months of information. You will be reminded to record all transactions for a month (page 24 of the paper version and table L in this internet version) before going on the the next month.

12. Use Tables G to record credit sales with a standard invoice.

13. Use Tables H to record receipts and applying them to outstanding invoices and cash sales.

11. Use Tables I to record the purchase of an asset or an expense with a purchase order.

12. After recording February purchases, Linda checked her cash balances and decided to pay all outstanding invoices.

13. Use Tables J to record paying for an asset or expense without an existing vendor invoice.

14. Use Tables K to record payroll.

15. Use Tables  L to record adjusting entries.

16. Answers for January

17. Answers for February and March

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Accounting Crib Notes

1. Understanding Journal Entries
 
  
2. Remembering Debits and Credits Tricks Video

3. Debits and Credits

4. Accounting Cycle  

5.
Time Value of Money and Example


6.
One Page Accounting


Practice Sets 
with complete solutions
   

with answers


Supplements  
Accounting 1 and 2 Video Lectures

Accounting 1 and 2 Class Notes


Testing Help 
Quick Steps for Passing
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AP, SAT Test Prep strategy


Tests with Answers
Test Problems

Multiple Choice Questions

Quick Notes Accounting Reviews
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