Accounting Practice Set

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Practice Set 1

Speedy Ironing Service

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     Instructions

      1. This short practice Set Is designed to introduce you to you software and 
         review the basics  of the accounting cycle.

     2. Enter the following information in the appropriate section of your software.  
         Peachtree Accounting calls it setting up a new company.
  Speedy Ironing 
         Service is a sole proprietorship dry cleaning company with a Federal Tax 
         ID Number of 111111111. It uses an accrual accounting system with real-
         time posting.  The business is beginning on September 1 of the current year 
         and the accounting year will end on December 30 of the current year.

    C. Use Tables A  and B to create a chart of accounts and record September's journal entries.

    D. Use your software to view the journal entries and trial balance.  Print a trial balance.

    E. Create new account 10610 entitled Treasury Bills.

    F. Make the September 30 adjusting entries using Table C  information.

    G. Answers

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