This page summarizes the assignments we will cover during the third class devoted to Peachtree.

• Complete all activities described in Chapter 5, pp. 149 - 173.
• Before completing exercises 5-1 and 5-2, record adjusting entries for the following activities.
  • Interest earned but not received on notes receivable. Please note that notes receivable has both a current and non-current balance. Base your calculation on the combined balance. Use an interest rate of 8%. Use a time period of 3 months.
  • Interest owed but not paid for notes payable. Please note that there is a both a current and non-current portion. Base your calculation on the combined balance. Use an interest rate of 7%. Use a time period of 3 months. 
  • Date these entries as of March 31. Create new accounts for interest receivable and interest payable. An interest expense and income accounts already exists. Be sure you correctly place these new accounts in the chart of accounts and financial statements. An important part of your grade depends upon correctly placing these accounts.
• Complete Exercises 5-1 and 5-2.
• In Exercise 5-2, please highlight the accounts for accrued interest payable, accrued interest receivable, interest income, and interest expense.

Chapter 7

• Complete all activities described in Chapter 7, pp. 201 - 225. Note: - When printing reports, in the Options box, uncheck the box titles "Show Zero Amounts." By doing this you will only print accounts that have balances.
• Review the balance sheet you have printed as of March 31, 2003. In addition to notes / interest receivable and notes / interest payable, for each of the following categories of accounts, list one account that is likely to require a month end adjustment. Describe the type of adjusting entry that should be made.
  • Current assets.
  • Other assets.
  • Current liabilities.
• Complete Exercises 7-1 and 7-2. Do these exercises only after you have completed 5-1 & 5-2.
• Important - The reports that you print will not be the same as those in the book since we did not do chapter 6 and also added some additional exercises.

Due on Feb 13:

• General Ledger Trial Balance. (Print this after completing Exercise 5-1 and the additional chapter 5 exercises shown above.) Highlight the balances for interest payable, interest receivable, interest income, and interest expense.
• Balance sheet.
• Income statement.
• Gross profit by department report.
• Statement of cash flow.
• Statement of retained earnings.
• Statement of changes in financial position.
• Answers to questions 7-1 and 7-2.
• List of accounts requiring adjustments and types of adjustments that typically should be made. Take your time. Do a good job. A significant part of your grade depends upon your written answers.
• Copy of backup disks for Bellwether as of completion of chapter 7.