ACCT322 Accounting Information System
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GENERAL INSTRUCTIONS: · Read and follow the instructions for each question carefully. |
INTRODUCTION
This project aims to train the student to create their own company record and file for assets, sales, purchase and inventory using the accounting software. The students also demonstrate their knowledge on designing the sales and purchase order and invoice as the source of document of the accounting software. The student also will record the transaction and generate the required documents from the accounting software.
PROJECT REQUIREMENT
In a group of 4-6 students, create your own company (Group Leader Name) and enter the following data using peach tree accounting software.
The following balances occurred in your account as at 1 January 2017.
Your Company Name Trial Balance 31 December , 2015 | ||
Account Titles | Debit | Credit |
Cash | 150,000 | |
Office Equipment | 200,000 | |
Accumulated Depreciation – Office Equipment | 60,000 | |
Supplies | 15,500 | |
Prepaid Insurance | 7,500 | |
Long Term Investment | 60,000 | |
Computer and IT Supplies | 100,000 | |
Accumulated Depreciation – building | 100,000 | |
Inventory | 400,000 | |
Notes Payable | 363,000 | |
Bank loan | 15,000 | |
Accounts Payable | 75,000 | |
Capital | 350,000 | |
Retained Earnings | 160,000 | |
Accounts Receivable | 255,000 | |
Unearned Revenue | 35,000 | |
Income Tax Payable | 30,000 | |
Total | 1,188,000 | 1,188,000 |
The company existing customer are as follows:
Customer ID: CN 007
Name: Cathy North
Billing Address: create new
Telephone 1: 541-555-1055
E-mail: shar@email.com
History:
Customer since: December 11 (last year)
Sales Info:
GL Sales Acct: Merchandise Sales- (name your product – 1)
Customer ID: JS 008
Name: Jenny Sullivan
Billing Address: create new
Telephone 1: 541-555-2155
E-mail: shar@email.com
History:
Customer since: December 25 (last year)
Sales Info:
GL Sales Acct: Merchandise Sales-(name your product – 2)
Customer ID: ML 009
Name: Michael Lewis
Billing Address: create new
Telephone 1: 541-555-6389
E-mail: shar@email.com
History:
Customer since: December 21 (last year)
Sales Info:
GL Sales Acct: Merchandise Sales- (name your product – 3)
VENDOR list as at 1 January are as follows:
Vendor ID: ab 22
Name: Amy Brund Ltd
Contact: Amy Brund
Mailing Address: create new
Vendor Type: Supplier
1099 Type: Independent Contractor
Expense Account: Inventory- (name your product – 1)
Telephone 1: 310-555-7489
Fax: 310-555-7892
E-mail: amy@ab.biz
History:
Vendor Since: December 10 (last year)
Vendor ID: dz 33
Name: DZ Ltd
Contact: Danny Z
Mailing Address: create new
Vendor Type: Supplier
1099 Type: Independent Contractor
Expense Account: Inventory- (name your product – 2)
Telephone 1: 310-555-5576
Fax: 310-555-5580
E-mail: danny@dz.biz
History:
Vendor Since: December 15 (last year)
Vendor ID: ef 70
Name: Elly Flint Ltd
Contact: Elly Flint
Mailing Address: create new
Vendor Type: Supplier
1099 Type: Independent Contractor
Expense Account: Inventory- (name your product – 3)
Telephone 1: 310-555-1877
Fax: 310-555-1879
E-mail: tim@aaa.biz
History:
Vendor Since: December 9 (last year)
INVENTORY ITEMS
Item ID: (name your product – 1)
Description: (name your product – 1)
Item Class: Stock item
Description for Sales: (name your product – 1)
Price Level 1: 200.00
Last Unit Cost: 150.00
GL Sales Acct: Merchandise Sales- (name your product – 1)
GL Inventory Acct: Inventory- (name your product – 1)
GL Cost of Sales Acct: Cost of Goods Sold- (name your product – 1)
Item Type: (name your product – 1)
Stocking U/M: each
Minimum Stock: 0.00
Reorder Quantity: 0.00
Preferred Vendor ID: select your vendor
Item ID:
Description: (name your product – 2)
Item Class: Stock item
Description for Sales: (name your product – 2)
Price Level 1: 150.00
Last Unit Cost: 135.00
GL Sales Acct: Merchandise Sales- (name your product – 2)
GL Inventory Acct: Inventory- (name your product – 2)
GL Cost of Sales Acct: Cost of Goods Sold – (name your product – 2)
Item Type: (name your product – 2)
Stocking U/M: each
Minimum Stock: 0.00
Reorder Quantity: 0.00
Preferred Vendor ID: select your vendor
Item ID:
Description: (name your product – 3)
Item Class: Stock item
Description for Sales:
Price Level 1: 180.00
Last Unit Cost: 150.00
GL Sales Acct: Merchandise Sales- (name your product – 3)
GL Inventory Acct: Inventory- (name your product – 3)
GL Cost of Sales Acct: Cost of Goods Sold- (name your product – 3)
Item Type: (name your product – 3)
Stocking U/M: each
Minimum Stock: 0.00
Reorder Quantity: 0.00
Preferred Vendor ID: select your vendor
LIST OF EMPLOYEES
Employee ID: create your own (eg KD 001)
Name: create new
Address: create new
Telephone : create new
Salary: $5,000
Employee ID: create new
Name:
Address: create new
Telephone : create new
Salary: $7,000
Employee ID: create new
Name: create new
Telephone : create new
Salary: $4,000
Employee ID: create new
Name: create new
Address: create new
Telephone : create new
Salary: $3,000
Employee ID: create new
Name: create new
Address: create new
Telephone : 541-555-6783
Salary: $5,000
Employee ID: create new
Name: create new
Address: create new
Telephone : create new
Salary: $3,000
- Required:
- Create additional two customer, two vendor and one inventory record in the system
- Create one sales order and one invoice form for each one of your customer and then enter this data into the system
- Receive payment from at least from any four of your customers at the end of the month
- Create at least one purchases order and one purchase invoice form for each of your vendor and enter this data into the system
- Made payment to any three vendors at the end of the month
- Additional information during the month of January, 2017:-
- Paid office rent $3,000 cash on Jan 31
- Paid $5,000 advertising expenses by check on Jan 5
- Purchase additional office equipment by check $10,000 on Jan 5
- The owner invested additional $50,000 cash in common stock on Jan 15
- Incurred utility expense $1,200 at the end of the month
- The bank charges $100 for check printing
- Paid dividend at the end of the month $20,000
- Paid salary to all the employees at the end of the month
- The company policy for depreciation is to depreciate all assets at 10% on cost using straight line method. All assets will not have any salvage value.
- The following document need to be included in the report (hard and softcopy)
- Sales order and sales invoice form
- Purchase order and purchase invoice form
- Computation for all employees salary
- Journal entry for all the transaction
- Bank account transaction
- Trial balance
- Income statement.