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Financial Accounting Practice Sets Using Software

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Set 1 for debit and credit beginners

1. This short practice Set Is designed to introduce you to you software and
review the basics of the accounting cycle.

2. Enter the following information in the appropriate section of your software.
     Peachtree Accounting calls it setting up a new company. Speedy Ironing
     Service is a sole proprietorship dry cleaning company with a Federal Tax
     ID Number of 111111111. It uses an accrual accounting system with real-
     time posting. The business is beginning on September 1 of the current year
     and the accounting year will end on December 30 of the current year.

3. Use data from these tables to create a chart of accounts and record September's journal entries.

Study Cheat Sheets

Accounting Cycle Basics

Account Cycle Example

Time Value of Money

Example

More Free Leaning Stuff

Tricks to Remember Debits and Credits Video

Understanding Journal Entries

Accounting 1 and 2 Video Lectures

One Page Accounting quickly covers the basics

Accounting Class Notes for Accounting I, II

4. Use your software to view the journal entries and trial balance.
4. Print a trial balance.
6. Create new account 10610 entitled Treasury Bills.
G. Make September 30 adjusting entries with Table C information.

Answers

Help With Testing

Quick Steps for Passing an Accounting Test

AP, SAT Test Prep
strategy

Tests
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Multiple Choice Questions
with answers

Practice Set 2 Linda's Video Showcase
is lengthy introduction to accounting for a merchandising company.

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