ACCT 270 QuickBooks Test#1 (20%) Part A: Download the test data file from Blackboard:  Make a new folder: 270 – T1– Your Name (actual your full name) on the local C:/ Drive, this is the folder that you are going to open the test data file and save a Portable test data file into

ACCT 270 QuickBooks Test#1 (20%)

Part A: Download the test data file from Blackboard: 

1. Make a new folder: 270 – T1– Your Name (actual your full name) on the local C:/ Drive, this is the folder that you are going to open the test data file and save a Portable test data file into.  
2. Make a new folder: Reports – T1– Your Name (actual your full name), this is the folder that you are going to export all your test reports into.
3. Go to Tests and Quizzes on your blackboard site on the left pane. 
4. Click on ACCT270 QuickBooks Computer Test 1 folder and download the attached company data file. It will be downloaded as ACCT270 Test#1 Start (Portable).
5. Launch QuickBooks Premier 2018 and restore and open the test data file – ACCT270 Test#1 Start (Portable) into the folder 270 – T1– Your Name on the local C:/ Drive. Save the test data file as: ACCT270 Test#1–Your Name. Password: WestComp18 (case sensitive).  
6. Open the ACCT270 Test#1 file and rename the company name with your first name and last name

“ACCT270 Test#1 –Your Name.” 

Note: “Any report without your name will be marked as Zero”  

 

Part B: Enter Transactions using

QuickBooks Premier 2018

A selection of

February

2017

Events

for an Ontario Company

1.

Add to list.

Terms: New term: 1%

8

Net

25

.

2.

Edit the Chart of Accounts as follows:

Add

two Income

type GL account

s

–

Computer Repair

s

and Installation & Assembly

, sub

-

account of

Service

Sales

.

3.

Entering the following transactions for

February 2017

02

/

02

/17

Shannon Cranston

drops off cheque #4518 for two (hr) quantities of Computer Repairs, and

one (ea) quantity of Delivery Charge plus HST

. Deposited the cheque on 02/03/17

.

Enter

your

actual

n

ame and your student ID on the Memo

02

/04/17

Completed computer repair

s

for Burlington School Board, 3 hours plus HST.

Terms

1

%

8

Net

25

.

02

/06/17   Adventure Travel Inc. needs a credit issued for 1.5 hour of Installation & Assembly appl

ied to

their invoice #5.

02

/09/17   Jeremy Greene’s cheque #239 is returned NSF on 02/09/17. The bank charges $20 and the

customer fee $25

/10/17

02

Enter a bill for Bell Canada for Telephone Expenses of $

125

plus HST for

the Feb

2017

bill

on

02

/10/17.

P

ay the bill on 02/14/17 assigning cheque #152

02

/15/17

Enter a credit card purchase from Your Name Supply (add a new customer, your actual

name)

for Office Supplies

of $85 pre

-

tax plus HST on the RBC Visa Payable card.

Enter

your

actual

n

ame and your student ID on the Memo

02

/

16

/17

Enter a debit card purchase from a new vendor

–

Hardware Central for $

90.4

HST

included

for small tools and equipment.

02

/17/17     Your Name Supply returned Office

Supplies of $30 pre

-

tax plus HST, record the

return to their

RBC Visa Payable card

(

entering separate

entries

for 02/15/17 and

02

/

17

/17

)

02

/19/17

Received cheque # 12036 from Adventure Travel Inc. for payment of their invoice #5 and

apply any available discount and credit.

This cheque won’t be deposited until

02

/23/

17

.

 

 

 

 

 

 

 

 

 

 

 

 

 

02/20/17    Make the next cheque from Chequing Account out to Robert Jones to fund Petty Cash with the                     amount of $100. 

 

02/22/17     Walter Meyer took $20 from Petty Cash fund to mail a package. He spent $15.25 and brought                       back $5.00.  Reconcile the Petty Cash account. Enter your actual name and your student                      ID on the Memo    

 

02/23/17     Jeremy Greene purchased two items of M510 -Brother Ink Jet Printer at 89.98 /each plus                       HST, the customer paid cash before he left the store. Deposit the payments of 02/19/17                      and 02/23/17     

    

02/25/17     Jeremy Greene returned one item of M510 at 89.98 /each plus HST, the customer asked for                     cash refund for the returned item. (entering separate entries for 02/23/17 and 02/25/17)

 

 

02/26/17     The owner purchased a bed-side table $148 plus HST for her family from a local store –                      Best Furniture, paid by the company cheque #155. Enter your actual name and your                      student ID on the Memo    

 

 

02/27/17   Recorded the February month end depreciation on the Furniture and Equipment of $2400.00

/year, and depreciation of $1,080.00/year on the Vehicles. Enter your actual name and your 

                  student ID on the Memo    

 

 

02/28/17   The $4, 500 of one-year Term Loan is for the period of February 1, 2017 to January 31, 2018,

 

 

and the annual interest rate is 8%.  Record the monthly interest and principal repayment from Chequing Account for February 2017. Enter your actual name and your student ID on the Memo

 

Part C: Export the following reports (Excel):

            

            Export the following Excel reports to Reports – T1– Your Name folder 

 

• Chart of Accounts or Account listing as of February 28, 2017 (Customize Report to remove left Margin, Description, and Tax Line) 

(File Name “R1_Yourlastname_last3 digitsID#_Accounts”)

• Journal from February 1, 2017 to current date 

(File Name “R2_Yourlastname_last3 digitsID#_ Journal”)

• Audit Trail as of default date 

(File Name “R3_Yourlastname_last3 digitsID#_ Audit”)

• Terms Listing as of February 28, 2017 

(File Name “R4_Yourlastname_last3 digitsID#_ Terms”)