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  • Lesson 6-1

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    Abdifatah Abdilahi
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    The document provides instructions for setting up a new company file in Peachtree Complete Accounting 2011. It includes details for creating a new corporation called Horood Electronics based in Chicago, IL and adding an initial customer, vendor, and inventory item. It also provides the opening balances for the general ledger accounts, including assets of $258,000, liabilities and owner's equity of $258,000. Finally, it lists 3 sample transactions - selling laptops to the customer, receiving a cash payment, and paying the vendor.

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    The document provides instructions for setting up a new company file in Peachtree Complete Accounting 2011. It includes details for creating a new corporation called Horood Electronics based in Chicago, IL and adding an initial customer, vendor, and inventory item. It also provides the opening balances for the general ledger accounts, including assets of $258,000, liabilities and owner's equity of $258,000. Finally, it lists 3 sample transactions - selling laptops to the customer, receiving a cash payment, and paying the vendor.

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    © All Rights Reserved
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    6 views1 page

    Lesson 6-1

    Uploaded by

    Abdifatah Abdilahi
    The document provides instructions for setting up a new company file in Peachtree Complete Accounting 2011. It includes details for creating a new corporation called Horood Electronics based in Chicago, IL and adding an initial customer, vendor, and inventory item. It also provides the opening balances for the general ledger accounts, including assets of $258,000, liabilities and owner's equity of $258,000. Finally, it lists 3 sample transactions - selling laptops to the customer, receiving a cash payment, and paying the vendor.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Peachtree Complete Accounting 2011

    Lesson-6

    1)
    a) Create a new company with the following details:
    Company Name: HOROOD ELECTRONICS
    Type : Corporation
    Address line 1: 1313 Mintson Road
    City, state, Zip: Chicago, IL, 80009
    Country: USA
    Telephone: 312-555-1313

    2) Add new customer with the following details:


    - Customer name is Sacaadadiin Supermarket
    - Opening Balance: $3000

    3) Add a new Vendor with the following details:


    - Vendor name is Al-Madina G. Trading
    - Opening Balance: $500

    4) Add new inventory item with the following details:


    - Item description: Toshiba Laptop
    - Opening Balance: 500 units @ $500

    5) General ledger (Chart of Accounts) Opening Balance:


    ASSETS
    Cash on hand 5,000
    Accounts Receivable 3,000
    Inventory 250,000
    Total Assets 258,000

    LIABILITIES & OWNER’S EQUITY


    Accounts Payable 500
    Owner’s Contribution 257,500
    Total Liabilities & Owner’s Equity 258,000

    6) Transactions:

    1. Sold 300 pieces of Toshiba Laptop to Sacaadadiin a price of $700 each,


    2. Received $1000 cash from Sacadadin
    3. Paid $300 to AL-MADINA

    Lesson 6: OPENING BALANCE Set by: Abdisalam Ali Mahdi

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