Choose only 1 method to do the following assignment—use either QuickBooks and your PC or Excel and your mobile device.
The QuickBooks software cannot be installed on iOS or Android mobile phones or tablets. Students who wish to use mobile devices should use Excel.
QuickBooks users refer to the MP Computer Accounting with QuickBooks 2018 e-book, Chapter 2, specifically sections 2–4 (p. 69) & 2–5 (p. 73) for assistance in completing this assignment.
Excel users will access the Excel document, ACCT210 Project Workbook Student and complete the first tab, titled “Chart of Accounts.”
Scenario: On December 1, 2015, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business.
Reminder: The QuickBooks software cannot be installed on iOS or Android mobile phones or tablets. Students who wish to use mobile devices should use Excel.
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QuickBooks users will access the Excel document ACCT210 Project Workbook Student and complete the first tab, titled “Chart of Accounts.”
Refer to the MP Computer Accounting with QuickBooks 2018 e-book, Chapter 2, specifically sections 2–4 (p. 69) & 2–5 (p. 73) for assistance in completing this assignment.
Set up the new company, Farm Branch Rentals, in the computerized accounting system software you selected with the information in the table that follows.
Set up the Chart of Accounts listed below; currently all accounts are going to begin with a zero balance.
Run an accounts listing of the Chart of Accounts, and save it in PDF format for submission.
Name of Company Farm Branch Rentals
201 Farm Branch Road,
Rocky Mount NC 27811
Federal ID Number
Quickbooks and Excel Users:
The newly formed company requires a chart of accounts made up of the following accounts:
Chart of Accounts
Cash Income Taxes Payable
Rental Fees Earned
Accumulated Depreciation: Rental Equipment
Office Supplies Expense
Income Taxes Expense
Unearned Rental Fees
For full-credit, submit a PDF from Quickbooks showing that the following steps have been completed correctly:
Set up an account for the new company using Quickbooks.
Use December 2015 as the first accounting period for Quickbooks.
Revise and set up the chart of accounts to match the chart of accounts provided by Samantha and Larry.
After opening the company:
Click “Company” from the Menu bar.
Click “Chart of Accounts” in the Company section of the Home page.
Right-click on the account, and then select “Edit Account.”
Run an account listing prior to saving.
From the menu at the top of the window, select “File” and “Save as PDF.”
Save the file as “U1_IP_LASTNAME” on your computer or external device.
Submit your PDF.
Please submit your assignment.
For full credit, submit the entire Excel Project Workbook with the completed Chart of Accounts tab.
Please submit your assignment.
For assistance with your assignment, please use your text, Web resources, and all course materials.
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