Peachtree Assignment (Rockwell's)

Peachtree Practice Assignment
==============================================================================
Solve the following Questions on Peachtree Quantum 2010 accounting software.
1. Create a new company setup having following specifications:
Company Name: “THE ROCKWELL -Student Name”. (Write your name along With company
name)
Address: Sukkur, Pakistan
Business Type: Sole Proprietorship.
Business Nature: Merchandising Company/Retail Business.
Accounting Method: Accrual Basis of Accounting
First period of fiscal year: April 2021
2. Given following is Adjusted Trial Balance of “The Rockwell-student name”. Create chart
of account for each account of trial balance, with amount mentioned as balance on
30/04/2021.
“The Rockwell -Student Name”
Adjusted Trial Balance
April 30, 2021
Account Title Debit Credit
Checking Account 156,230
Account Receivable 102,400
Inventory 92,770
Unexpired Insurance 120
Prepaid Advertising 2,750
Supplies 2,800
Land 370,000
Buildings 450,000
Accumulated Depreciation : Buildings 52,500
Ware House Equipment 42,000
Accumulated Depreciation: Ware House Equipment 19,600
Office Equipment 18,000
Accumulated Depreciation : Office Equipment 2,100
Notes Payable (Due On November 20, 2021) 300,000
Account Payable 301,975
Interest Payable 750
Student Name, Capital. 560,145
Total 1,237,070 1,237,070
3. Create these Vendor by putting following data :

Name Beginning Invoice Date Credit Term Invoice No.
Balance
Carnegie Acoustics $ 195,000 April/30/2021 2/10,n/30 01
Express Transport co. $ 4,075 April/30/2021 2/10,n/30 02
Home Video , Inc. $ 102,900 April/30/2021 2/10,n/30 03
4. Create these Customer by putting following data :

Name Beginning Invoice Date Credit Term Invoice No.
Balance
Atlantic Auto Supply $ 13,200 April/30/2021 2/10,n/30 004
Electric City $ 17,800 April/30/2021 2/10,n/30 005
POW Stereo $ 55,000 April/30/2021 2/10,n/30 006
Stereo Depot $ 16,400 April/30/2021 2/10,n/30 007
The Buzzer $0 April/30/2021 2/10,n/30 008
5. Create The Inventory Items by putting data Given as follows:

Item Name Cost Method Beginning Bal.
Quantity Unit Price
Easy Rider Speaker System FIFO 500 $ 68
Mega Mite Speaker System FIFO 300 $ 93
Super Screen TVs FIFO 30 $ 1,029
6. Record the following transactions.

 On May/01/2021: Received a check for $ 12,936 from Atlantic Auto Supply in full
settlement of its accounts.
 On May/01/2021 issued sales quote to POW Stereo for sale of 300 Easy Rider System at
the price of Rs. 80 per unit vide sales quote #: 794.
 On May/02/2021: POW stores accept the quote for purchase of 300 Easy Rider System.
Our Sales Invoice no # 749, of $ 24,000.
 On May/03/2021: Ordered 300 Easy Rider System from Carnegie Acoustics at a cost of
$68/unit (total cost, $ 20,400).
 On May/03/2021: Received $ 17,444 cash from Electric City in settlement of its account
balance with in discount period.
 On May/04/2021: Sold 150 Mega Mite Speakers Systems on account to POW Stereo.
Our Sales invoice no # 750, of $ 18,000.
 On May/05/2021: Sold 18 Super Screen TVs on account to The Buzzer, a chain of “sports
bars”. Our Sales Invoice no # 751, of $ 25,200.
 On May/08/2021: Ordered 200 Mega Mite Speaker system from Carnegie Acoustics at a
cost of $ 93/unit. Total cost of this purchase was $ 18,600.
 On May/08/2021: Received and paid the telephone bill for April Service. Issued check no
# 925 to C & P Telephone for $ 206.
 On May/09/2021: The 300 Easy Rider system Ordered from Carnegie Acoustics on May
08 arrived and were placed in inventory.
 On May/09/2021: Issued check no # 926 to Carnegie Acoustics for $195,000 in full
payment of the April 30 account balance, which is due tomorrow.
 On May/10/2021: Issued check no # 927 in the amount of $ 102,900 to Home Video,
Inc., in full settlement of the amount owed.
 On May/10/2021: The employees who maintains the check register informed Renner
that the issuance of the checks to the Home Video had caused the company’s bank
account to become substantially overdrawn. Renner immediately transferred $150,000
cash from her personal money market account fund into Rockwell’s Checking Account.
 On May/10/2021: Sold 350 Easy Rider System on account to Atlantic Auto Supply. Our
sales invoice no #: 752, of $28,000 on 2/10, n/30.
 On May/11/2021: Paid balance owed at April 30 to Express Transport Co. for shipments
to customers in April. Issued check no # 929 for $ 4,075.
 On May/11/2021: Purchased for cash a type –writer for business use. Issued check no #
930 to C & D Supply Co. for $421.
 On May/12/2021: Issue a check no # 931 for $ 36,000 to seaboard Insurance co. In full
payment for one year causality policy to become an effective form May 16.
 On May/12/2021: Received 200 Mega mite Speaker system order from Carnegie
Acoustics on May 8. Invoice date today.
 On May/12/2021: Received a Purchased order from Stereo Depot for 400 Easy Rider
systems at per- unit cost of $80, at the usual credit terms of 2/10, n/30. Immediately
shipped all 150 units on hand and recorded the sale of these units. Our sales invoice no.
753. Placed a “rush” order with Carnegie Acoustics for 500 Easy Rider systems system at
a unit cost of $68.
 On May/12/2021: Biweekly Salaries were as follows; office salaries, $2,700, warehouse
wages; $2,000. Issued check no #932 in the amount of the total payroll; 4,700 to Payroll
Co. which handles the issuance and distribution of individual paychecks to Rockwell’s
employees.
 On May/15/2021: Received $24,696 from the buzzer in full settlement of its purchases
made on May 5, less the allowable 2% discount for prompt payment.
 On May/16/2021: Received rush shipment of 500 Easy rider System ordered on May 12
invoice dated today. Immediately shipped the remaining 250 units ordered by stereo
Depot on that date, issuing sales invoice no # 754.
 On May/16/2021: Issued check no # 933 to Overnight Air Transport for $ 206 in special-
handling freight charges relating to the rush order of easy Rider Speaker Systems.
Received on May 12.
 On May/17/2021: Bailey Renner removed from inventory one of the super screen TV for
personal use.
 On May/18/2021: Sold 250 Mega mite systems on account to electric city. Invoice no#:
755, of $30,000. (Term 2/10,n/30)
 On May/18/2021: Purchased supplies for cash. Issued check no. 934 to c & D Supply Co
for $2206.
 On May/19/2021: Ordered 300 Mega mite systems from Carnegie at $93 each.
 On May/19/2021: Made the monthly interest on payment on the 9%, $300000 note
payable to Harbor Mortgage Co. Terms of the note call for the accrued interest ($2250
per month) to be paid on the 20 th day of each month. The entire principal amount of the
note due on November 15, 2021. Issued check no.935 for $2,250. (Note: $750 of this
interest has been accrued as of April 30)

Peachtree Assignment (Rockwell's)

Uploaded by

Copyright:

Available Formats

Peachtree Assignment (Rockwell's)

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Peachtree Assignment (Rockwell's)

Uploaded by

Copyright:

Available Formats

What transactions were recorded on May 1st?

What transactions were recorded on May 3rd?

Peachtree Practice Assignment

3. Create these Vendor by putting following data :

4. Create these Customer by putting following data :

5. Create The Inventory Items by putting data Given as follows:

6. Record the following transactions.

You might also like