Exercise fico06 create primary cost exercise elements

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Unformatted text preview: cost elements: are costs that arise through the consumption of goods and services that originate from outside the company. They represent the link between FI and CO. This exercise creates the linkage between FI cost elements (GL accounts in FI) and the cost element categories to which they will link in CO. Quarles: Flya Kite FI/CO Transactions EXERCISE FI/CO07: CREATE VENDOR EXERCISE MASTER RECORD MASTER – Flya Kite has rented new office space. The accountant in charge is requested to create a new vendor account for the real estate company. EXERCISE FI/CO08: G/L DOCUMENT ENTRY – You receive the utility bill for the month for the plant and it must be paid immediately. The bill is for $1,000. The expense must be recorded in the General Ledger. It will be initially charged to the Administration cost center and charged out to manufacturing cost centers later. EXERCISE FI/CO09: DISPLAY ACCOUNT EXERCISE BALANCES (OR LINE ITEMS) BALANCES Quarles: Flya Kite FI/CO Transactions EXERCISE FI/CO10: POST VENDOR INVOICE – Ross’ Rockin Rentals has sent the invoice for the first month’s rent of $350. Please post the invoice using the accounts you have created in yo...
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