Response to the following problem:
Start a new company, develop the mission/goals and objectives of the company, design a chart of accounts, and set up a QuickBooks company to record journal entries, chart of accounts, and general ledger entries. Prepare a 5 minute PowerPoint presentation and QuickBooks Company file for presentation.
1. You will be forming a NEW manufacturing or service company. Determine what you will produce or provide as a service.
a. Determine the Name of the Company
b. You will decide on the mission and goal/objectives of the company.
c. You will have 5 investors who will put in $1,000,000 for which you will issue 50 shares of common stock.
2. Construct an organization chart of your company (use Visio or Excel).
3. Setup a Separate Team company in Quickbooks.
4. Set up a General Ledger
a. Develop an appropriate Chart of Accounts for your company.
b. Make at least 3 journal entries, such as setting up your Common stock, cash, and beginning balances.
c. Make 2 more other journal entries to conduct business (ie. Revenue , expenses).
5. Set up and process Accounts Payable
a. Set up Vendors
b. Enter transactions (3)
6. Class Presentation at the end of the class. a. Use PowerPoint
b. Include Mission, Goals, organization chart, chart of accounts, journal entries, etc.
c. Include appropriate level of QuickBooks screen shots
d. Make it Creative and attractive.