Peachtree Complete Accounting 2011

Lesson-2

1)
a) Create a new company with the following details:
Company Name: Premier Fitness Club
Type : Corporation
Address line 1: 1313 Mintson Road
City, state, Zip: Chicago, IL, 80009
Country: USA
Telephone: 312-555-1313
b) Set chart of accounts based on one of the sample companies specially Sales and Service
company.
c) Accounting method : Accrual
d) Posting method: Real time

2)
a) Add the following account;
Account ID Description Account Type
15150 Fitness Equipment fixed assets

b) Delete the following account:

Account ID Description Account Type
14100 Exmployee other current asset
Advances

3) Add new customer with the following details:

- Customer name is Alpha Insurance (ID: ALPHA)
- The contact person is Glenn Swamsone
- Alpha insurance is located at 5619 West wood Blvd Chicago IL 80009
- The telephone number is 312-555-2890
- Alpha insurance is a regular customer
- The GL sales account is 4000 and the terms are 2/10, n/30

4) Add a new Vendor with the following details:

- Vendor name is Squeaky Clean (ID: SQUEA)
- The contact person is Theresa A.
- The vendor is located at 857 Wood land Blvd Arlington, IL, 80102
- The telephone number is 312-555-1234
- Terms are net 30 days

5) Add new inventory item with the following details:

- Item description: Toshiba Laptop -Item ID: TOSH
- Costing method: LIFO
- GL accounts:
o Sales account
o Inventory account
o Cost of goods sold
Lesson 2: Merchandising Business – Corporation Set by: Abdisalam Ali Mahdi
 Peachtree Complete Accounting 2011

6) Transactions:

1. Premier Fitness Club issued 10,000 shares of common stock, par $100 at $120.
2. Purchased 1000 pieces of Toshiba Laptop from Squeaky Clean at a cost of $500 each and
made 50% down payment.
3. Sold 300 pieces of Toshiba Laptop to Alpha Insurance at a price of $700 each, receiving
50% of the selling price.
4. Paid Squeak Clean the remaining 50%.
5. Received cash from Alpha Insurance for the amount due.
6. Paid salary for the employees.

Lesson 2: Merchandising Business – Corporation Set by: Abdisalam Ali Mahdi