Accounting Information Systems (ACC 262)
This project is worth 200 points toward your overall grade. This project is to be done in QuickBooks and
the purpose of the project is twofold:
1 - To show that you have an understanding of how to use QuickBooks
2 - To show that you have an understanding of how an accounting information system works.
You will be required to create a company and do one month worth of transactions. At the end of the
month, you will need to produce a Balance Sheet, Profit and Loss statement and print the Transactions
Detail Report. These are the reports that you will be sending me.
1 - I will give everyone $25,000 to begin your business. (Remember to do your beginning equity journal
entry with this number)
2 - You must have 1 full time employee and 1 part time (you can have more if you chose) Employees will
be paid every two weeks, therefore you will have 2 payrolls in this assignment. Remember employee
and employer taxes.
3 - Minimum of 5 Customer Invoices. The Invoices will give you Accounts Receivable and Revenue. In
addition to the required 5 customer invoices, you can include cash sales, Revenue and Cash.
4 - You as the owner must make 1 Withdrawl from the business for personal use. Make sure you use the
owner's drawing account.
5 - You must have 1 Fixed Asset on the books and you must do the depreciation entry for that asset in
your month. (Truck, Delivery Van, Expensive Computer)
6 - You can borrow money if you need additional capital. If you borrow money then you will have a Note
7 - You have to rent space for this business, no working out of your home, so you will have Rent
8 - You must purchase Insurance, so you will have Insurance Expense and maybe Prepaid Insurance.
9 - Depending on what type of business you have, the product may be taxable. Make sure you research
to see if it is. If so, you will have a Sales tax payable Account.
10 - Examples of Expenses you might/should have:
- Rent Expense
- Utility Expense
- Salary Expense
- Employer Tax Expense
- Telephone Expense
- Supplies Expense
- Insurance Expense
- Vehicle Expense
- Any other Expense that goes with your business
11 - Depending on your Business, you may have Inventory. If you have Inventory, you will have
Accounts Payable and Cost of Goods Sold.
If you have any questions, please let me know. Good Luck!
Recently Asked Questions
- Consider a M/M/1/∞ system, where λ = 1 pkt/s and μ = 2 pkt/s (that is, the system has an infinite buffer) a) Compute the expected total delay experienced
- Consider a M/M/1/K system with arrival rate λ = 1 pkt/s and service rate μ = 2 pkt/s. a) Set K=1 and compute the probability Pb that a packet will be dropped
- Adam Granger operates a kiosk in downtown Chicago, at which he sells one style of baseball hat. He buys the hats from a supplier for $20 and sells them for