Student Handouts
Peachtree Module 1
PEACHTREE - CHART OF ACCOUNTS CLASSIFICATION
Peachtree classifies accounts as follows:
Accounts Receivable
Accounts Payable
Accumulated Depreciation
Cash
Cost of Sales
Equity -- doesn't close (Common Stock)
Equity -- gets closed (Dividends)
Equity -- Retained Earnings
Expenses
Fixed Assets (PPE)
Income (Revenue)
Inventory
Long Term Liabilities
Other Assets
Other Current Assets (except cash, accounts receivable, inventory)
Other Current Liabilities (except accounts payable)
CHART OF ACCOUNTS
Peachtree Module 1
1000 Checking-Bank One
1010 Accts Receivable
1020 Prepaid Insurance
1025 Office Supplies
1060 Land
1065 Building
1066 Acc Depr-Building
1070 Office Furniture
1071 Acc Depr Furniture
1075 Office Equipment
1076 Acc Depr-Equipment
2010 Accts Payable
2015 Interest Payable
2020 Salaries Payable
2025 Income Tax Payable
2030 Unearned Revenue
2050 Note Payable - Long Term
3001 Common Stock, $5PV
3030 Retained Earning
3100 Dividends
4001 Consulting Revenue
5010 Salary Expense
5015 Advertising Expense
5020 Supplies Expense
5030 Postage Expense
5040 Utilities Expense
5050 Miscellaneous Expense
5060 Depreciation Exp-Bldg
5061 Depreciation Exp-Furn
5062 Depreciation Exp-Eqpt
5070 Insurance Expense
5080 Interest Expense
5090 Income Tax Expense
PEACHTREE LAB MODULE #1
ASSIGNMENT 1
CREATING A NEW COMPANY AND SET UP
COMPANY CHART OF ACCOUNTS
1. Use the set up procedures to create a NEW company:
(Your first initial and last name, Inc.)
(Your address and phone number)
EIN: 74-1887434
Form of Business: Corporation
Accrual basis of accounting
Real time entry
Accounting periods: 12
First period: November
First year: 1999
For the screen "Chart of Accounts", select the fourth option -- "Build your own company".
2. Select "MAINTAIN - CHART OF ACCOUNTS and enter the attached information (be
sure to "SAVE" each account):
ID = account number
Description = account name
Account type = financial statement classification (toggle to see all of the options)
3. When you have completed your chart of accounts, select "REPORTS - GENERAL
LEDGER" and print the Chart of Accounts to be turned in at the end of lab today.
4. Save: Saving is automatic.
(instructions if saving is required)
When Peachtree saves the information, it creates a folder under the Peachtree folder on the
C: drive. The folder should be called your last name. To keep your company "safe and
sound", you will need to move the company folder to the H: (home) directory.
Shut down Peachtree and
Open My Computer.
Open C: Drive
Open Peachw folder
Find the folder with your name - If you do (Skip, Inc.) the folder will be skipinc). RIGHT
Single Click on the folder, right click (for menu) and choose copy.
Close the window showing the Peachw files.
From My Computer - Double click on your Students home directory (will usually read
student # on…)
Choose Edit from the menu and Paste
Reopen Peachtree, Open existing Company - Browse- Drives - open H: drive - Company
Names - Open your company to verify move is done correctly.
Then, through My Computer, go back to Peachw folder on C:drive, open your folder and
delete the student's folder.
From now on, you will open your company from the H: drive and all work will automatically
be saved to the H: drive.
PEACHTREE LAB MODULE 1
ASSIGNMENT 2
Record Monthly Transactions
1. Log on and open Peachtree program. Select "OPEN COMPANY."
2. Change the directory to the "H" (or appropriate drive for your campus) drive.
Highlight your company name and select "OK." (This step is not necessary if
saving is automatic.)
3. Make any corrections needed to your Chart of Accounts by going to
"MAINTAIN" and select "CHART OF ACCOUNTS." Use the list accessed at
the magnifying glass to search for the accounts to be changed - be sure to
save after each modification you make. Check your work.
4. Go to "TASK" and select "GENERAL JOURNAL ENTRY."
5. Record the attached transactions. Be sure to watch the dates and to include
a brief description for each transaction (if needed). Select "POST" after
recording each transaction.
6. After you have finished recording the November activity, go to "REPORTS"
and select "GENERAL LEDGER." Print a copy of your "GENERAL
JOURNAL" and a copy of the "GENERAL LEDGER TRIAL BALANCE."
Turn in your printouts.
7. Go back to "REPORTS" and select "FINANCIAL STATEMENTS". Select the
balance sheet, income statement, and cash flow statement. Do not select
"Show Zero Amounts". Review the reports that you and Peachtree have
completed.
PEACHTREE MODULE 1
ASSIGNMENT 2
TRANSACTIONS
Nov 2
Invested $20,000 cash, land valued at $72,000, and a building valued at
$108,000 in exchange for 40,000 shares of $5 par value stock.
Nov 2
Paid $1,800 for a one-year insurance policy.
Nov 5
Borrowed $50,000 by signing a 2-year, 12% note at Bank One.
Interest payments are due every 6 months, beginning 5/5/00.
Principal will be repaid at the end of 2 years.
Nov 8
Purchased $12,000 of office equipment for cash from Best Buy.
Nov 10
Purchased $16,000 of office furniture on account from CDC Design,
payable in 30 days.
Nov 10
Hired an office assistant for $350 per week, to be paid every two weeks.
Nov 12
Purchased $800 of office supplies on account from Office Depot.
Nov 13
Paid GSD&M $1,800 for November advertising.
Nov 19
Completed work for client 103A, Jones Engineering, and received
$1,425 for services performed.
Nov 20
Paid November telephone bill, $128.
Nov 23
Billed client 101A, Matterhorn Construction, $2,775 for services
performed.
Nov 24
Paid office assistant's salary for first two weeks.
Nov 25
Paid invoices #12789 from Office Depot for supplies purchased on
Nov 12.
Nov 27
Received November utility bill, due Dec. 12, $465.
Nov 30
Billed client 102A, Jenkins & Armbruster, $3,065 for services
Performed.
Nov 30
Received $2,000 from client 104A, SC Environmental Corp., for
Services to be performed during December and January.