Subject Code : ACC2103
Assignment Task:

Project Summary
Objective:

This project is designed to introduce students to the Inventory module of the Peachtree software and to reinforce the application of the Accounts receivable and Accounts
payable modules of the Peachtree accounting software as well as practice general journal
entries and adjusting entries for a merchandising business.

Process:
Working individually, you will choose a type of merchandising business and give it a name. You will then determine the types of assets, liabilities, revenues and expenses that are used in that business. You will then create reasonable transactions for two months for that business. Your transactions must include at least:

  • The initial investment in the business (at least 1)
  • Purchase of long term assets for cash ( at least 2)
  • Purchase of long term assets on credit (at least 2)
  • Sales made for cash or credit (at least 6)
  • Sales returns & Purchase Returns (at least 1 each)
  • Purchases of inventory on Cash or on credit (at least 6)
  • Expenses paid by cash or on credit (at least 2 each)
  • Cash paid to creditors for amounts owing to them (at least 2)
  • Cash received from customers for amounts owing from them (at least 2)
  • Different adjusting entries (at least 2 depreciation entries and any other adjusting entries that are required for your company)

Procedure:
1. Develop a set of business transactions and compile it in a word document based on the specifications given above.
2. Develop a chart of accounts for the company. (be sure to use the right account categories especially for A/R and A/P)
3. Set up the company in Peachtree using the general ledger, inventory, accounts payable and accounts receivable sections. Print out the chart of accounts.
4. Record the transactions for two months.
5. Print out the required reports.

LEARNING OBJECTIVES:
1. To prepare journal entries and adjusting entries for a merchandising business
2. To use and become familiar with a computerized accounting package
3. Appreciate and use independent modules such as A/R; A/P and Inventory within an integrated accounting software package.

 

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  • Uploaded By : Alex Cerry
  • Posted on : May 28th, 2019

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