CHAPTER 2 CUSTOMIZING QUICKBOOKS AND THE CHART OF ACCOUNTS INSTRUCTOR NOTE: Assignments that can be graded using the QuickBooks Grade Assistant are designated with a *. To download the QuickBooks Grade Assistant: 1. Go to www.quickbookseducator.info 2. Enter Passcode: DonnaKay 3. Select QB2013 GRADE ASSIST 4. Download QB2013 Grade Assistant Excel files with macros. Instructions are provided on the first worksheet of each QuickBooks Grade Assistant workbook. Students can download Go Digital Excel report templates at www.myquickbooks.me, and then export their reports to the Excel template for grading with the QuickBooks Grade Assistant.
2.2 Exploring QuickBooks with Rock Castle Construction CHAPTER 2 QUICK CHECK CHAPTER 2 * Chart of Accounts (Account Listing) EXERCISE 2.1 * Task 3: Statement of Cash Flows * Task 4: To Do List EXERCISE 2.2 * Task 3: Revised Chart of Accounts EXERCISE 2.3 Your Choice: List of Industry-Specific Features EXERCISE 2.4 Schedule C Tax Form 1120S Tax Form PROJECT 2 QUICK CHECK PROJECT 2 * Chart of Accounts (Account Listing) * Statement of Cash Flows
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.3 CHAPTER 2 CHART OF ACCOUNTS Account Type Balance Total Description Accnt. # Tax Line 10100 YourName Checking Bank 46,969.10 Cash 10100 B/S-Assets: Cash 10300 Savings Bank 17,910.19 Savings 10300 B/S-Assets: Cash 10400 Petty Cash Bank 500.00 Petty Cash 10400 B/S-Assets: Cash 11000 Accounts Receivable Accounts Receivable 93,007.93 Accounts Receivable 11000 B/S-Assets: Accts. Rec. and trade notes 12000 Undeposited Funds Other Current Asset 2,440.00 Undeposited Funds 12000 B/S-Assets: Other current assets 12100 Inventory Asset Other Current Asset 30,683.38 Inventory Asset 12100 B/S-Assets: Other current assets 12800 Employee Advances Other Current Asset 832.00 Employee Advances 12800 B/S-Assets: Other current assets 13100 Pre-paid Insurance Other Current Asset 4,050.00 Pre-paid Insurance 13100 B/S-Assets: Other current assets 13400 Retainage Receivable Other Current Asset 3,703.02 Retainage Receivable 13400 B/S-Assets: Other current assets 15000 Furniture and Equipment Fixed Asset 34,326.00 Furniture and Equipment 15000 B/S-Assets: Buildings/oth. depr. assets 15100 Vehicles Fixed Asset 78,936.91 Vehicles 15100 B/S-Assets: Buildings/oth. depr. assets 15200 Buildings and Improvements Fixed Asset 325,000.00 Buildings and Improvements 15200 B/S-Assets: Buildings/oth. depr. assets 15300 Construction Equipment Fixed Asset 15,300.00 Construction Equipment 15300 B/S-Assets: Buildings/oth. depr. assets 16900 Land Fixed Asset 90,000.00 Land 16900 B/S-Assets: Land 17000 Accumulated Depreciation Fixed Asset -110,344.60 Accumulated Depreciation 17000 B/S-Assets: Buildings/oth. depr. assets 18700 Security Deposits Other Asset 1,720.00 Security Deposits 18700 B/S-Assets: Other assets 20000 Accounts Payable Accounts Payable 26,636.92 Moneys you owe to vendors and suppliers 20000 B/S-Liabs/Eq.: Accounts payable 20500 QuickBooks Credit Card Credit Card 94.20 QuickBooks Credit Card 20500 B/S-Liabs/Eq.: Other current liabilities 20600 CalOil Credit Card Credit Card 382.62 20600 B/S-Liabs/Eq.: Other current liabilities Subcontracted Federal WH Other Current Liability 0.00 B/S-Liabs/Eq.: Other current liabilities 20700 Due to Owner Other Current Liability 0.00 Short Term Loan from Owner - No Note or Bond 20700 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities Other Current Liability 5,404.45 Payroll Liabilities 24000 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24010 Federal Withholding Other Current Liability 1,364.00 24010 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24020 FICA Payable Other Current Liability 2,118.82 24020 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24030 AEIC Payable Other Current Liability 0.00 24030 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24040 FUTA Payable Other Current Liability 100.00 24040 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24050 State Withholding Other Current Liability 299.19 24050 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24060 SUTA Payable Other Current Liability 110.00 24060 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24070 State Disability Payable Other Current Liability 48.13 24070 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24080 Worker's Compensation Other Current Liability 1,214.31 24080 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24090 Direct Deposit Liabilities Other Current Liability 0.00 24090 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24100 Emp. Health Ins Payable Other Current Liability 150.00 24100 B/S-Liabs/Eq.: Other current liabilities 25500 Sales Tax Payable Other Current Liability 957.63 Sales Tax Payable 25500 B/S-Liabs/Eq.: Other current liabilities 23000 Loan - Vehicles (Van) Long Term Liability 10,501.47 3/4 Ton PU - 48 months 6.9% purchased 12/01/2005 23000 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 23100 Loan - Vehicles (Utility Truck) Long Term Liability 19,936.91 Loan - Vehicles (Utility Truck) 23100 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 23200 Loan - Vehicles (Pickup Truck) Long Term Liability 22,641.00 Loan - Vehicles (Pickup Truck) 23200 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28100 Loan - Construction Equipment Long Term Liability 13,911.32 Loan for Construction Equipment 28100 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28200 Loan - Furniture/Office Equip Long Term Liability 21,000.00 Loan for purchase of furniture and office equipment 28200 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28700 Note Payable - Bank of Anycity Long Term Liability 2,693.21 28700 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28900 Mortgage - Office Building Long Term Liability 296,283.00 Mortgage - Office Building 28900 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 30000 Opening Bal Equity Equity 38,773.75 Offset account for use during the setup of the company's QuickBooks 30000 data <Unassigned> file only. 30100 Capital Stock Equity 500.00 Capital Stock 30100 <Unassigned> 31400 Shareholder Distributions Equity 0.00 Distributions paid to shareholders 31400 <Unassigned> 32000 Retained Earnings Equity Retained Earnings 32000 <Unassigned> 40100 Construction Income Income Construction Income 40100 <Unassigned> 40100 Construction Income:40110 Design Income Income 40110 <Unassigned> 40100 Construction Income:40120 Equipment Rental Income Income 40120 <Unassigned>
2.4 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line 40100 Construction Income:40130 Labor Income Income 40130 <Unassigned> 40100 Construction Income:40140 Materials Income Income 40140 <Unassigned> 40100 Construction Income:40150 Subcontracted Labor Income 40150 <Unassigned> 40100 Construction Income:40199 Less Discounts given Income 40199 <Unassigned> 40500 Reimbursement Income Income 40500 <Unassigned> 40500 Reimbursement Income:40510 Mileage Income Income Account for reimbursable mile 40510 <Unassigned> 40500 Reimbursement Income:40520 Permit Reimbursement Income Income 40520 <Unassigned> 40500 Reimbursement Income:40530 Reimbursed Freight Income & Delivery 40530 <Unassigned> 50100 Cost of Goods Sold Cost of Goods Sold QuickBooks Automatically Increases the balance in this account 50100 when you <Unassigned> use inventory items on invoices or sales receipts. 54000 Job Expenses Cost of Goods Sold 54000 <Unassigned> 54000 Job Expenses:54100 Bond Expense Cost of Goods Sold 54100 <Unassigned> 54000 Job Expenses:54200 Equipment Rental Cost of Goods Sold Equipment Rental 54200 <Unassigned> 54000 Job Expenses:54300 Job Materials Cost of Goods Sold Job Materials 54300 <Unassigned> 54000 Job Expenses:54400 Permits and Licenses Cost of Goods Sold Licenses 54400 <Unassigned> 54000 Job Expenses:54500 Subcontractors Cost of Goods Sold Subcontractors Expense 54500 <Unassigned> 54000 Job Expenses:54520 Freight & Delivery Cost of Goods Sold Freight and Delivery 54520 <Unassigned> 54000 Job Expenses:54599 Less Discounts Taken Cost of Goods Sold 54599 <Unassigned> 60100 Automobile Expense Automobile 60100 <Unassigned> 60100 Automobile:60110 Fuel Expense Fuel Expense 60110 <Unassigned> 60100 Automobile:60120 Insurance Expense Business Truck Policies 60120 <Unassigned> 60100 Automobile:60130 Repairs and Maintenance Expense 60130 <Unassigned> 60300 Bad debt Expense 60300 <Unassigned> 60400 Advertising & Promotion Expense 60400 Deductions: Advertising 60600 Bank Service Charges Expense Bank Service Charges 60600 <Unassigned> 60900 Depreciation Expense Expense Depreciation Expense 60900 <Unassigned> 61200 Dues and Subscriptions Expense Dues and Subscriptions 61200 <Unassigned> 61500 Union Dues Expense Union Dues 61500 <Unassigned> 62100 Insurance Expense Insurance 62100 <Unassigned> 62100 Insurance:62110 Disability Insurance Expense Disability Insurance 62110 <Unassigned> 62100 Insurance:62120 Liability Insurance Expense Liability Insurance 62120 <Unassigned> 62100 Insurance:62130 Work Comp Expense Workman's Compensation 62130 <Unassigned> 62100 Insurance:62199 Less Employee Portion - Health Expense 62199 <Unassigned> 62400 Interest Expense Expense Interest Expense 62400 <Unassigned> 62400 Interest Expense:62410 Finance Charge Expense Finance Charge 62410 <Unassigned> 62400 Interest Expense:62420 Loan Interest Expense Loan Interest Expense 62420 <Unassigned> 62700 Payroll Expenses Expense 62700 <Unassigned> 62700 Payroll Expenses:62710 Gross Wages Expense 62710 <Unassigned> 62700 Payroll Expenses:62720 Payroll Taxes Expense 62720 <Unassigned> 62700 Payroll Expenses:62730 FUTA Expense Expense 62730 <Unassigned> 62700 Payroll Expenses:62740 SUTA Expense Expense 62740 <Unassigned> 63000 Office Supplies Expense Office Supplies 63000 <Unassigned> 63100 Postage Expense 63100 <Unassigned> 63600 Professional Fees Expense Professional Fees 63600 <Unassigned> 63600 Professional Fees:63610 Accounting Expense Accounting Fees 63610 <Unassigned> 63600 Professional Fees:63620 Legal Fees Expense Legal Fees 63620 <Unassigned> 63900 Rent Expense Rent 63900 <Unassigned> 64200 Repairs Expense Repairs and Maintenance 64200 <Unassigned>
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.5 Account Type Balance Total Description Accnt. # Tax Line 64200 Repairs:64210 Building Repairs Expense Building Repairs 64210 <Unassigned> 64200 Repairs:64220 Computer Repairs Expense Computer Repairs 64220 <Unassigned> 64200 Repairs:64230 Equipment Repairs Expense Equipment Repairs 64230 <Unassigned> 64500 Taxes Expense Taxes 64500 <Unassigned> 64500 Taxes:64510 Federal Expense Federal Taxes 64510 <Unassigned> 64500 Taxes:64520 State Expense 64520 <Unassigned> 64500 Taxes:64530 Property Expense Property Taxes 64530 <Unassigned> 64500 Taxes:64540 Local Expense 64540 <Unassigned> 64800 Tools and Machinery Expense Tools and Machinery 64800 <Unassigned> 65100 Utilities Expense Utilities 65100 <Unassigned> 65100 Utilities:65110 Gas and Electric Expense Gas and Electric 65110 <Unassigned> 65100 Utilities:65120 Telephone Expense Telephone 65120 <Unassigned> 65100 Utilities:65130 Water Expense Water 65130 <Unassigned> 69000 Miscellaneous Expense Miscellaneous 69000 <Unassigned> 70100 Other Income Other Income Other Income 70100 <Unassigned> 70200 Interest Income Other Income Interest Income 70200 <Unassigned> 80100 Other Expenses Other Expense Other Expenses 80100 <Unassigned> 90100 Purchase Orders Non-Posting 90100 <Unassigned> 90200 Estimates Non-Posting 90200 <Unassigned> 90300 Sales Orders Non-Posting 90300 <Unassigned>
2.6 Exploring QuickBooks with Rock Castle Construction EXERCISE 2.1 TASK 3 STATEMENT OF CASH FLOWS Nov 17 OPERATING ACTIVITIES Net Income 16,507.99 Adjustments to reconcile Net Income to net cash provided by operations: 11000 Accounts Receivable -2,612.85 12100 Inventory Asset -2,472.84 13100 Pre-paid Insurance 605.89 13400 Retainage Receivable -2,174.50 20000 Accounts Payable 16,210.77 20500 QuickBooks Credit Card -1,025.00 20600 CalOil Credit Card 388.52 24000 Payroll Liabilities:24010 Federal Withholding 1.00 24000 Payroll Liabilities:24020 FICA Payable 7.28 24000 Payroll Liabilities:24050 State Withholding -0.60 24000 Payroll Liabilities:24070 State Disability Payable -16.66 24000 Payroll Liabilities:24080 Worker's Compensation 1.67 24000 Payroll Liabilities:24100 Emp. Health Ins Payable -50.00 25500 Sales Tax Payable -353.74 Net cash provided by Operating Activities 25,016.93 FINANCING ACTIVITIES 23000 Loan - Vehicles (Van) -494.69 28100 Loan - Construction Equipment -216.61 28700 Note Payable - Bank of Anycity -2,675.56 Net cash provided by Financing Activities -3,386.86 Net cash increase for period 21,630.07 Cash at beginning of period 77,921.51 Cash at end of period 99,551.58
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.7 EXERCISE 2.1 TASK 4 TO DO LIST Done Date Description Priority Type With No 07/27/2012 Call Doug about grout in the kitchen. Low Task No 07/27/2012 Call Lynn about back porch. Low Task No 07/27/2012 Finish Jacobsen poolhouse estimate Low Task No 01/01/2018 Print financial statements for Mr. Castle. High Task Yes 07/27/2012 Call Erika Pretell about new property. Low Task Yes 07/27/2012 Call Patton Hardware Supplies about Mason job. Low Task Yes 12/12/2017 Print financial statements for Mr. Castle. High Task
2.8 Exploring QuickBooks with Rock Castle Construction EXERCISE 2.2 TASK 3 REVISED CHART OF ACCOUNTS Account Type Balance Total Description Accnt. # Tax Line 10100 YourName Checking Bank 46,969.10 Cash 10100 B/S-Assets: Cash 10300 Savings Bank 17,910.19 Savings 10300 B/S-Assets: Cash 10400 Petty Cash Bank 500.00 Petty Cash 10400 B/S-Assets: Cash 11000 Accounts Receivable Accounts Receivable 93,007.93 Accounts Receivable 11000 B/S-Assets: Accts. Rec. and trade notes 12000 Undeposited Funds Other Current Asset 2,440.00 Undeposited Funds 12000 B/S-Assets: Other current assets 12100 Inventory Asset Other Current Asset 30,683.38 Inventory Asset 12100 B/S-Assets: Other current assets 12800 Employee Advances Other Current Asset 832.00 Employee Advances 12800 B/S-Assets: Other current assets 13100 Pre-paid Insurance Other Current Asset 4,050.00 Pre-paid Insurance 13100 B/S-Assets: Other current assets 13400 Retainage Receivable Other Current Asset 3,703.02 Retainage Receivable 13400 B/S-Assets: Other current assets 15000 Furniture and Equipment Fixed Asset 34,326.00 Furniture and Equipment 15000 B/S-Assets: Buildings/oth. depr. assets 15100 Vehicles Fixed Asset 78,936.91 Vehicles 15100 B/S-Assets: Buildings/oth. depr. assets 15200 Buildings and Improvements Fixed Asset 325,000.00 Buildings and Improvements 15200 B/S-Assets: Buildings/oth. depr. assets 15300 Construction Equipment Fixed Asset 15,300.00 Construction Equipment 15300 B/S-Assets: Buildings/oth. depr. assets 16900 Land Fixed Asset 90,000.00 Land 16900 B/S-Assets: Land 17000 Accumulated Depreciation Fixed Asset -110,344.60 Accumulated Depreciation 17000 B/S-Assets: Buildings/oth. depr. assets 18700 Security Deposits Other Asset 1,720.00 Security Deposits 18700 B/S-Assets: Other assets 20000 Accounts Payable Accounts Payable 26,636.92 Moneys you owe to vendors and suppliers 20000 B/S-Liabs/Eq.: Accounts payable 20500 QuickBooks Credit Card Credit Card 94.20 QuickBooks Credit Card 20500 B/S-Liabs/Eq.: Other current liabilities 20600 CalOil Credit Card Credit Card 382.62 20600 B/S-Liabs/Eq.: Other current liabilities Subcontracted Federal WH Other Current Liability 0.00 B/S-Liabs/Eq.: Other current liabilities 20700 Due to Owner Other Current Liability 0.00 Short Term Loan from Owner - No Note or Bond 20700 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities Other Current Liability 5,404.45 Payroll Liabilities 24000 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24010 Federal Withholding Other Current Liability 1,364.00 24010 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24020 FICA Payable Other Current Liability 2,118.82 24020 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24030 AEIC Payable Other Current Liability 0.00 24030 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24040 FUTA Payable Other Current Liability 100.00 24040 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24050 State Withholding Other Current Liability 299.19 24050 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24060 SUTA Payable Other Current Liability 110.00 24060 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24070 State Disability Payable Other Current Liability 48.13 24070 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24080 Worker's Compensation Other Current Liability 1,214.31 24080 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24090 Direct Deposit Liabilities Other Current Liability 0.00 24090 B/S-Liabs/Eq.: Other current liabilities 24000 Payroll Liabilities:24100 Emp. Health Ins Payable Other Current Liability 150.00 24100 B/S-Liabs/Eq.: Other current liabilities 25500 Sales Tax Payable Other Current Liability 957.63 Sales Tax Payable 25500 B/S-Liabs/Eq.: Other current liabilities 23000 Loan - Vehicles (Van) Long Term Liability 10,501.47 3/4 Ton PU - 48 months 6.9% purchased 12/01/2005 23000 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 23100 Loan - Vehicles (Utility Truck) Long Term Liability 19,936.91 Loan - Vehicles (Utility Truck) 23100 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 23200 Loan - Vehicles (Pickup Truck) Long Term Liability 22,641.00 Loan - Vehicles (Pickup Truck) 23200 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28100 Loan - Construction Equipment Long Term Liability 13,911.32 Loan for Construction Equipment 28100 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28200 Loan - Furniture/Office Equip Long Term Liability 21,000.00 Loan for purchase of furniture and office equipment 28200 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28700 Note Payable - Bank of Anycity Long Term Liability 2,693.21 28700 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 28900 Mortgage - Office Building Long Term Liability 296,283.00 Mortgage - Office Building 28900 B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay. 30000 Opening Bal Equity Equity 38,773.75 Offset account for use during the setup of the company's QuickBooks 30000 data <Unassigned> file only. 30100 Capital Stock Equity 500.00 Capital Stock 30100 <Unassigned> 31400 Shareholder Distributions Equity 0.00 Distributions paid to shareholders 31400 <Unassigned> 32000 Retained Earnings Equity Retained Earnings 32000 <Unassigned> 40100 Construction Income Income Construction Income 40100 <Unassigned> 40100 Construction Income:40110 Design Income Income 40110 <Unassigned> 40100 Construction Income:40120 Equipment Rental Income Income 40120 <Unassigned>
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.9 Account Type Balance Total Description Accnt. # Tax Line 40100 Construction Income:40130 Labor Income Income 40130 <Unassigned> 40100 Construction Income:40140 Materials Income Income 40140 <Unassigned> 40100 Construction Income:40150 Subcontracted Labor Income 40150 <Unassigned> 40100 Construction Income:40199 Less Discounts given Income 40199 <Unassigned> 40500 Reimbursement Income Income 40500 <Unassigned> 40500 Reimbursement Income:40510 Mileage Income Income Account for reimbursable mile 40510 <Unassigned> 40500 Reimbursement Income:40520 Permit Reimbursement Income Income 40520 <Unassigned> 40500 Reimbursement Income:40530 Reimbursed Freight Income & Delivery 40530 <Unassigned> 50100 Cost of Goods Sold Cost of Goods Sold QuickBooks Automatically Increases the balance in this account 50100 when you <Unassigned> use inventory items on invoices or sales receipts. 54000 Job Expenses Cost of Goods Sold 54000 <Unassigned> 54000 Job Expenses:54100 Bond Expense Cost of Goods Sold 54100 <Unassigned> 54000 Job Expenses:54200 Equipment Rental Cost of Goods Sold Equipment Rental 54200 <Unassigned> 54000 Job Expenses:54300 Job Materials Cost of Goods Sold Job Materials 54300 <Unassigned> 54000 Job Expenses:54400 Permits and Licenses Cost of Goods Sold Licenses 54400 <Unassigned> 54000 Job Expenses:54500 Subcontractors Cost of Goods Sold Subcontractors Expense 54500 <Unassigned> 54000 Job Expenses:54520 Freight & Delivery Cost of Goods Sold Freight and Delivery 54520 <Unassigned> 54000 Job Expenses:54599 Less Discounts Taken Cost of Goods Sold 54599 <Unassigned> 60100 Automobile Expense Automobile 60100 <Unassigned> 60100 Automobile:60110 Fuel Expense Fuel Expense 60110 <Unassigned> 60100 Automobile:60120 Insurance Expense Business Truck Policies 60120 <Unassigned> 60100 Automobile:60130 Repairs and Maintenance Expense 60130 <Unassigned> 60300 Bad debt Expense 60300 <Unassigned> 60400 Selling Expense Expense 60400 Deductions: Advertising 60400 Selling Expense:60410 Advertising Expense Expense 60410 Deductions: Advertising 60400 Selling Expense:60420 Promotion Expense Expense 60420 Deductions: Advertising 60600 Bank Service Charges Expense Bank Service Charges 60600 <Unassigned> 60900 Depreciation Expense Expense Depreciation Expense 60900 <Unassigned> 61200 Dues and Subscriptions Expense Dues and Subscriptions 61200 <Unassigned> 61500 Union Dues Expense Union Dues 61500 <Unassigned> 62100 Insurance Expense Insurance 62100 <Unassigned> 62100 Insurance:62110 Disability Insurance Expense Disability Insurance 62110 <Unassigned> 62100 Insurance:62120 Liability Insurance Expense Liability Insurance 62120 <Unassigned> 62100 Insurance:62130 Work Comp Expense Workman's Compensation 62130 <Unassigned> 62100 Insurance:62199 Less Employee Portion - Health Expense 62199 <Unassigned> 62400 Interest Expense Expense Interest Expense 62400 <Unassigned> 62400 Interest Expense:62410 Finance Charge Expense Finance Charge 62410 <Unassigned> 62400 Interest Expense:62420 Loan Interest Expense Loan Interest Expense 62420 <Unassigned> 62700 Payroll Expenses Expense 62700 <Unassigned> 62700 Payroll Expenses:62710 Gross Wages Expense 62710 <Unassigned> 62700 Payroll Expenses:62720 Payroll Taxes Expense 62720 <Unassigned> 62700 Payroll Expenses:62730 FUTA Expense Expense 62730 <Unassigned> 62700 Payroll Expenses:62740 SUTA Expense Expense 62740 <Unassigned> 63000 Office Supplies Expense Office Supplies 63000 <Unassigned> 63100 Postage Expense 63100 <Unassigned> 63600 Professional Fees Expense Professional Fees 63600 <Unassigned> 63600 Professional Fees:63610 Accounting Expense Accounting Fees 63610 <Unassigned> 63600 Professional Fees:63620 Legal Fees Expense Legal Fees 63620 <Unassigned>
2.10 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line 63900 Rent Expense Rent 63900 <Unassigned> 64200 Repairs Expense Repairs and Maintenance 64200 <Unassigned> 64200 Repairs:64210 Building Repairs Expense Building Repairs 64210 <Unassigned> 64200 Repairs:64220 Computer Repairs Expense Computer Repairs 64220 <Unassigned> 64200 Repairs:64230 Equipment Repairs Expense Equipment Repairs 64230 <Unassigned> 64500 Taxes Expense Taxes 64500 <Unassigned> 64500 Taxes:64510 Federal Expense Federal Taxes 64510 <Unassigned> 64500 Taxes:64520 State Expense 64520 <Unassigned> 64500 Taxes:64530 Property Expense Property Taxes 64530 <Unassigned> 64500 Taxes:64540 Local Expense 64540 <Unassigned> 64800 Tools and Machinery Expense Tools and Machinery 64800 <Unassigned> 65100 Utilities Expense Utilities 65100 <Unassigned> 65100 Utilities:65110 Gas and Electric Expense Gas and Electric 65110 <Unassigned> 65100 Utilities:65120 Telephone Expense Telephone 65120 <Unassigned> 65100 Utilities:65130 Water Expense Water 65130 <Unassigned> 69000 Miscellaneous Expense Miscellaneous 69000 <Unassigned> 70100 Other Income Other Income Other Income 70100 <Unassigned> 70200 Interest Income Other Income Interest Income 70200 <Unassigned> 80100 Other Expenses Other Expense Other Expenses 80100 <Unassigned> 90100 Purchase Orders Non-Posting 90100 <Unassigned> 90200 Estimates Non-Posting 90200 <Unassigned> 90300 Sales Orders Non-Posting 90300 <Unassigned> EXERCISE 2.3 YOUR CHOICE: LIST OF INDUSTRY-SPECIFIC FEATURES Students are to select two sample companies of their choice (other than a sample product-based business or a sample service-based business) and list the different industry-specific features.
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.11 EXERCISE 2.4 SCHEDULE C TAX FORM
2.12 Exploring QuickBooks with Rock Castle Construction
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.13 EXERCISE 2.4 1120S TAX FORM
2.14 Exploring QuickBooks with Rock Castle Construction
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.15
2.16 Exploring QuickBooks with Rock Castle Construction
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.17 PROJECT 2 CHART OF ACCOUNTS (ACCOUNT LISTING) Account Type Balance Total Description Accnt. # Tax Line Barter Account Bank 0.00 Business to Business Barter <Unassigned> Cash Expenditures Bank 225.23 Wash acct for cash expenses <Unassigned> Checking Bank 99,250.02 Great Statewide Bank <Unassigned> Savings Bank 5,987.50 Great Statewide Bank <Unassigned> 1200 Accounts Receivable Accounts Receivable 35,810.02 1200 <Unassigned> Employee advances Other Current Asset 100.00 <Unassigned> Prepaid Insurance Other Current Asset 500.00 <Unassigned> 1300 Inventory Asset Other Current Asset 6,937.08 1300 <Unassigned> 1400 Undeposited Funds Other Current Asset 110.00 1400 <Unassigned> 1500 Truck Fixed Asset 12,025.00 1500 <Unassigned> 1500 Truck:1510 Original Purchase Fixed Asset 13,750.00 Purchase Price of Asset 1510 <Unassigned> 1500 Truck:1520 Accumulated Depreciation Fixed Asset -1,725.00 1520 <Unassigned> 2000 Accounts Payable Accounts Payable 2,578.69 2000 <Unassigned> QuickBooks Credit Card Credit Card 70.00 Platinum MasterCard <Unassigned> QuickBooks Credit Card:QBCC Field Office Credit Card 45.00 QBCC for Field Office Manager <Unassigned> QuickBooks Credit Card:QBCC Home Office Credit Card 25.00 QBCC for Management Office <Unassigned> QuickBooks Credit Card:QBCC Sales Dept Credit Card 0.00 QBCC for Sales Office <Unassigned> 2100 CalOil Card Credit Card 1,403.99 2100 <Unassigned> Payments on Account Other Current Liability -1,520.00 Deposits rec'd from customers <Unassigned> 2102 Payroll Liabilities Other Current Liability 5,520.47 2102 <Unassigned> 2111 Direct Deposit Liabilities Other Current Liability 0.00 2111 <Unassigned> 2300 Sales Tax Payable Other Current Liability 2,086.50 2300 <Unassigned> Bank of Anycity Loan Long Term Liability 19,932.65 <Unassigned> Equipment Loan Long Term Liability 3,911.32 <Unassigned> 2400 Bank Loan Long Term Liability 5,369.06 Recapitalization Loan 2400 <Unassigned> 3000 Owner's Equity Equity -5,000.00 3000 <Unassigned> 3000 Owner's Equity:3010 Owner's Draw Equity -5,000.00 3010 <Unassigned> 3000 Owner's Equity:3020 Owner's Contributions Equity 0.00 3020 <Unassigned> 3100 Retained Earnings Equity 3100 <Unassigned> 3200 Opening Bal Equity Equity 151,970.07 3200 <Unassigned> Retail Sales Income <Unassigned> Service Income <Unassigned> 4100 Landscaping Services Income 4100 Schedule C: Gross receipts or sales 4100 Landscaping Services:4000 Design Services Income 4000 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials Income 4110 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:Misc Materials Income <Unassigned> 4100 Landscaping Services:4110 Job Materials:4111 Decks Income & Patios 4111 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4112 Fountains Income& Garden Lighting 4112 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4113 Plants Income and Sod 4113 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4114 Sprinklers Income& Drip systems 4114 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor Income 4120 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor:4121 InstallationIncome 4121 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor:4122 Maintenance Income & Repairs 4122 Schedule C: Gross receipts or sales 4100 Landscaping Services:4130 Equipment Rental Income 4130 Schedule C: Gross receipts or sales 4200 Discounts Income 4200 Schedule C: Gross receipts or sales 4300 Other Income Income 4300 Schedule C: Other business income 4400 Markup Income Income 4400 Schedule C: Gross receipts or sales 4999 Uncategorized Income Income 4999 Schedule C: Other business income 5000 Cost of Goods Sold Cost of Goods Sold 5000 Schedule C: Materials/supplies, COGS 6000 Advertising Expense 6000 Schedule C: Advertising 6100 Amortization Expense Expense 6100 <Unassigned> 6200 Automobile Expense 6200 Schedule C: Car and truck expenses 6200 Automobile:Insurance Expense <Unassigned> 6200 Automobile:License & Fees Expense <Unassigned> 6200 Automobile:6210 Fuel Expense 6210 Schedule C: Car and truck expenses 6200 Automobile:6220 Maintenance & Repairs Expense 6220 Schedule C: Car and truck expenses 6300 Bad Debt Expense 6300 Schedule C: Bad debts from sales/services 6400 Bank Service Charges Expense 6400 Schedule C: Interest expense, other 6500 Bond Expense Expense 6500 Schedule C: Interest expense, other 6561 Payroll Expenses Expense 6561 <Unassigned> 6600 Delivery Fee Expense 6600 Schedule C: Other business expenses 6700 Depreciation Expense 6700 Schedule C: Depletion 6700 Depreciation:6710 Section 179 Expense 6710 Schedule C: Other business expenses 6800 Dues and Subscription Expense 6800 Schedule C: Legal and professional fees 6900 Insurance Expense 6900 Schedule C: Insurance, other than health 6900 Insurance:6910 Disability Expense 6910 Schedule C: Insurance, other than health 6900 Insurance:6920 Liability Expense 6920 Schedule C: Insurance, other than health 6900 Insurance:6930 Worker's Comp Expense 6930 Schedule C: Insurance, other than health 6999 Uncategorized Expenses Expense 6999 <Unassigned> 7000 Interest Expense Expense 7000 Schedule C: Interest expense, other 7000 Interest Expense:7010 Finance Charges Expense 7010 Schedule C: Interest expense, other 7000 Interest Expense:7020 Interest on Loan Expense 7020 Schedule C: Interest expense, other 7100 Job Expenses Expense 7100 Schedule C: Other costs, COGS 7100 Job Expenses:7110 Job Materials Expense 7110 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7111 Decks & Patio Expense 7111 Schedule C: Materials/supplies, COGS
2.18 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line 7100 Job Expenses:7110 Job Materials:7112 Fountains & Expense Garden Lighting 7112 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7113 Plants & Sod Expense 7113 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7114 Sprinkler's Expense & Drip Systems 7114 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7120 Equipmental Rental Expense 7120 Schedule C: Rent/lease vehicles, equip. 7100 Job Expenses:7130 Permits Expense 7130 Schedule C: Other costs, COGS 7100 Job Expenses:7140 Subcontractors Expense 7140 Schedule C: Labor, cost of goods 7200 Miscellaneous Expense 7200 Schedule C: Other business expenses 7250 Mileage Reimbursement Expense 7250 Schedule C: Car and truck expenses 7300 Office Supplies Expense 7300 Schedule C: Office expenses 7310 Supplies Expense 7310 Schedule C: Supplies (not from COGS) 7320 Computer Supplies Expense 7320 Schedule C: Supplies (not from COGS) 7400 Professional Fees Expense 7400 Schedule C: Legal and professional fees 7400 Professional Fees:7410 Accounting Expense 7410 Schedule C: Legal and professional fees 7400 Professional Fees:7420 Legal Expense 7420 Schedule C: Legal and professional fees 7400 Professional Fees:7430 Professional Design Fees Expense 7430 Schedule C: Legal and professional fees 7500 Rent Expense 7500 Schedule C: Rent/lease other bus. prop. 7550 Repairs Expense 7550 Schedule C: Repairs and maintenance 7550 Repairs:7551 Building Repairs Expense 7551 Schedule C: Repairs and maintenance 7550 Repairs:7552 Computer Repairs Expense 7552 Schedule C: Repairs and maintenance 7550 Repairs:7553 Equipment Repairs Expense 7553 Schedule C: Repairs and maintenance 7600 Taxes Expense 7600 Schedule C: Taxes and licenses 7600 Taxes:7610 Federal Expense 7610 Schedule C: Taxes and licenses 7600 Taxes:7620 Property Expense 7620 Schedule C: Taxes and licenses 7600 Taxes:7630 State Expense 7630 Schedule C: Taxes and licenses 7700 Tools and Misc. Equipment Expense 7700 Schedule C: Other business expenses 7750 Utilities Expense 7750 Schedule C: Utilities 7750 Utilities:7751 Gas and Electric Expense 7751 Schedule C: Utilities 7750 Utilities:7752 Water Expense 7752 Schedule C: Utilities 7750 Utilities:7753 Telephone Expense 7753 Schedule C: Office expenses 7750 Utilities:7754 Internet Provider Expense 7754 Schedule C: Office expenses Misc Income Other Income <Unassigned> 8000 Interest Income Other Income 8000 Schedule C: Other business income 9000 Other Expenses Other Expense 9000 Schedule C: Other business expenses Purchase Orders Non-Posting <Unassigned> 5 Sales Orders Non-Posting 5 <Unassigned>
Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.19 PROJECT 2 STATEMENT OF CASH FLOWS Oct '16 - Sep 17 OPERATING ACTIVITIES Net Income -83,760.14 Adjustments to reconcile Net Income to net cash provided by operations: 1200 Accounts Receivable -3,346.94 Prepaid Insurance -700.00 1300 Inventory Asset -3,233.47 2000 Accounts Payable -2,132.80 2100 CalOil Card 1,256.49 Payments on Account -1,520.00 2102 Payroll Liabilities 4,172.74 2300 Sales Tax Payable 1,201.30 Net cash provided by Operating Activities -88,062.82 INVESTING ACTIVITIES 1500 Truck:1520 Accumulated Depreciation 575.00 Net cash provided by Investing Activities 575.00 FINANCING ACTIVITIES Bank of Anycity Loan 20,801.07 Equipment Loan 4,343.11 2400 Bank Loan -7,154.82 3100 Retained Earnings 43,954.66 3200 Opening Bal Equity -67,600.63 Net cash provided by Financing Activities -5,656.61 Net cash increase for period -93,144.43 Cash at beginning of period 220,050.40 Cash at end of period 126,905.97