ACCT322 Accounting Information System

PROJECTACCT322 – Accounting Information System«A.Y.: 2017-2018»
SEM 171
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 TitlesDebitCredit
Cash150,000
Office Equipment200,000
Accumulated Depreciation – Office Equipment60,000
Supplies15,500
Prepaid Insurance7,500
Long Term Investment60,000
Computer and IT Supplies100,000
Accumulated Depreciation – building100,000
Inventory400,000
Notes Payable363,000
Bank loan15,000
Accounts Payable75,000
Capital350,000
Retained Earnings160,000
Accounts Receivable255,000
Unearned Revenue35,000
Income Tax Payable30,000
Total1,188,0001,188,000

 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

  1. Required:
  1. Create additional two customer, two vendor  and one inventory record in the system
  2. Create one sales order and one invoice form for each one of your customer and then enter this data into the system
  3. Receive payment from at least from any four of your customers at the end of the month
  4. Create at least one purchases order and one purchase invoice form for each of your vendor and enter this data into the system
  5. Made payment to any three vendors at the end of the month 
  1. Additional information during the month of January, 2017:-
  1. Paid office rent $3,000 cash on Jan 31
  2. Paid $5,000 advertising expenses by check on Jan 5
  3. Purchase additional office equipment by check $10,000 on Jan 5
  4. The owner invested additional $50,000 cash in common stock on Jan 15
  5. Incurred utility expense  $1,200 at the end of the month
  6. The bank charges $100 for check printing
  7. Paid dividend at the end of the month $20,000
  8. Paid salary to all the employees at the end of the month
  9. 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.
  1. The following document need to be included in the report (hard and softcopy)
  1. Sales order and sales invoice form
  2. Purchase order and purchase invoice form
  3. Computation for all employees salary
  4. Journal entry for all the transaction
  5. Bank account transaction
  6. Trial balance
  7. Income statement.

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