COMPUTER ACCOUNTING WITH

QUICKBOOKS 2012

CHAPTER 09

Donna Kay

Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

Accounting for a

Service Company

CHAPTER 9 OVERVIEW

Record Owner’s Investment

Record Purchase Transactions

Record Sales Transactions

Make Adjusting Entries

Print Reports

Close the Accounting Period

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Use the Make Deposits window to record

owner’s investment.

RECORD OWNERS’ INVESTMENT

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RECORD PURCHASE

TRANSACTIONS

Purchase transactions can be:

1. Cash Purchases

2. Credit Purchases

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CASH PURCHASES

Record cash purchases using the Write

Checks window.

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CREDIT PURCHASES

For a service

company, record credit

purchases:

1.Enter the bill when

received using the

Enter Bills window.

2.Pay bill when due

using the Pay Bills

window.

3.Print the check.

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MEMORIZED TRANSACTIONS

Memorize recurring transactions:

1.Enter the bill

2.Memorize the transaction (Edit menu >

Memorize Bill)

3.Use memorized transaction (Lists menu

> Memorized Transaction List)

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SALES TRANSACTIONS

Enter sales transactions with customers:

1.Prepare an invoice to

record customer

charges using Invoice

window

2.Record customer

payment using Receive

Payments window

3.Record deposit in bank

using Make Deposits

window9-8

PRINT TRIAL BALANCE

Print a Trial Balance before making

adjusting entries to verify the

accounting system is in balance at

year-end.

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ADJUSTING ENTRIES

Use the onscreen Journal to enter

adjusting entries that bring accounts up

to date at the end of the accounting

period.

9-10

PRINT ADJUSTED

TRIAL BALANCE

Print an Adjusted Trial Balance to verify

the accounting system is still in balance

after making adjusting entries.

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PRINT REPORTS

Financial reports for the year include:

General Ledger

Profit & Loss

Balance Sheet

Statement of Cash Flows

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CLOSE THE ACCOUNTING PERIOD

QuickBooks automatically closes the

accounting period by closing all

temporary accounts.

9-13

TO LEARN MORE …

Turn to Chapter 9

Visit the Online Learning Center

http://www.mhhe.com/kay2012

Visit

www.myquickbooks.me

9-14