Chapter 10: Maintaining Accounting Records for Service ...horowitk/documents/Chap010_002.pdf ·...
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Chapter 10: Maintaining Accounting Records for Service Businesses McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Transcript of Chapter 10: Maintaining Accounting Records for Service ...horowitk/documents/Chap010_002.pdf ·...
Chapter 10:
Maintaining Accounting
Records
for Service Businesses
McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Service Business Records
In Chapter 10, you continue the work started in
Chapter 9. You complete the computer accounting
cycle for the month of October using your client's
transaction register and bank statement as source
documents. Source documents are used to show
written evidence of a business transaction. For Mark
Foltz Designer, the source documents used are his
transaction register and bank statement.
The transaction register shows Mr. Foltz’s checking
account activity.
10-2
Peachtree Tips
Chapters 9, 10 and 11 are cumulative.
The Mark Foltz Designer service business set up in Chapter 9 is continued in Chapters 10 and 11.
The company set up in Exercise 9-1, Design by your first and last name, is continued in Exercises 9-2, 10-1, 10-2, 11-1, and 11-2.
10-3
Backing Up Chapter 10
Backup Name (.ptb)
Excel (.xlsx) Kilobytes Page Nos.
Chapter 10 Transaction Register October.ptb 977 KB 338-339
Chapter 10 October.ptb 995 KB 351
Chapter 10_October Trial Balance and Financial
Statements.xlsx
21 KB 351-353
Chapter 10_October Trial Balance.pdf 7 KB 353
Chapter 10_October Balance Sheet.pdf 5 KB 353
Chapter 10_October Income Statement.pdf 5 KB 353
Exercise 10-1.ptb 949 KB 356
Exercise 10-2.ptb 953 KB 358
In the textbook, detailed steps are shown for backing up to a USB drive. The
chart below, and on textbook pages 277-278, shows the size of the backup
files, Excel files, and PDF files. You may also backup to a hard drive location.
10-4
Backing Up Chapter 10
(concluded)
Backup Name (.ptb)
Excel (.xlsx) Kilobytes Page Nos.
Exercise 10-2_October Trial Balance and Financial
Statements.xlsx
20 KB 358
Exercise 10-2_October Trial Balance.pdf 37 KB 358
Exercise 10-2_October Balance sheet.pdf 8 KB 358
Exercise 10-2_October Income Statement.pdf 9 KB 358
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Maintain Global Options, steps 1-3, p. 330
From the menu bar, click on Options, Global. Make sure the box next to Recalculate cash balance automatically in Receipts, Payments, and Payroll Entry has a check mark next to it.
Click <OK>. When you use Receipts and Write Checks, make sure that the Cash account balance agrees with the textbook’s transaction register balance. Refer to the transaction register on pages 337-338. The Write Checks window shows the October 2 Cash account balance.
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Editing Journal Entries, p. 346
Click on Tasks, then Receipts. Click on the
icon. Double-click the deposit you want to edit.
Make any necessary changes, then click on Save
to post.
Editing Write Checks works similarly.
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Glossary of Terms
Chapter 10
10-8
Source Documents, p. 327
Source documents are used to show
written evidence a business transaction.
For Mark Foltz Designer, the source
documents used are his transaction
register and bank statement.
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Transaction Register, p. 327
The transaction register shows checking
account activity.
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Bank reconciliation, p 341
Peachtree’s Account Reconciliation
feature allows you to adjust Mr. Foltz’s
bank statement. Bank reconciliation is
the process of bringing the balance of
the bank statement and the balance of
the cash account into agreement.
10-11
Going to the Net, p. 354 Access the Peachtree Quantum website at
http://www.peachtree.com/quantum/ptQuantum/features.cfm
Answer the following.
1. List nine Peachtree Quantum strengths.
2. Explain the Peachtree Quantum features that are industry
specific. (Select the My Industry tab. The URL is
http://www.peachtree.com/Quantum/industry.)
10-12
Analysis Question, p. 358What is account reconciliation?
Peachtree reconciles the selected G/L account against your monthly
statement. You can reconcile any general ledger account in Peachtree.
Typically, you would reconcile bank accounts, cash accounts (such as
petty cash), and credit card accounts. You should systematically
reconcile accounts each period so that you can quickly detect bank
errors, match real-world data with Peachtree data, and identify possible
fraudulent activity.
The Account Reconciliation feature allows you to adjust the bank
statement. Another name for this is bank reconciliation – the process of
bringing the balance of the bank statement and the balance of the cash
account into agreement. The Account Reconciliation feature applies to
other accounts, too.
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Assessment Rubric, p. 359
Task Date Navigation Center Window
Journal
Dr. and Cr.
ATM
(Exercise 10-1)
10/2/12Banking; Write Checks, New
Check
Write Checks Cash Disbursements Journal
Dr. Acct. No. 3930, Student
Name, Draw, $100.
Cr. Acct. No. 1020, Midwest
Bank, $100.
Deposit
(Exercise 10-1)
10/8/12Tasks; Receipts Receipts Cash Receipts Journal
Dr. Acct. No. 1020, Midwest
Bank, $2,105
Cr. Acct. No. 4000, Teaching
Income, $2,105
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Online Learning Center
Go online to www.mhhe.com/yacht2012 for additional resources.
Link to Student Edition, select Chapter 10.
o Interactive Testing
o Glossary of Terms
o Feature Quizzes
o Flash Videos: Demonstration of recording checks and deposits.
o PowerPoints
o Assessment Rubric
o Going to the Net
o QA Templates
10-15
