Reference no: EM131584985
Accounting Assignment
Farm Branch Rentals needs some assistance in adding 2 new vendors & 2 new customers. Please add the following vendors and customers beginning balances to the company within the computerized accounting system software selected. Be sure to include the balances as of December 1, 2015.
LMNOP Rental
• 4537 White Road
• Siler City, NC 36647
• Phone Number: 252-876-9987
• Contact: Tim Waltz
• Vendor Type: Supply
• Account Balance: $2359
HJW Reality
• 543 Mill Lane
• Smithfield, NC 65343
• Phone Number: 252-667-9833
• Contact: Nicole Smith
• Vendor Type: Supply
• Account Balance: $765
Geller Construction Company
• 76 Rock Quarry Road
• Smithfield, NC 65463
• Phone Number: 252-876-0032
• Contact: Kevin Lowe
• Customer
• Account Balance: $2134
Rocks Etc.
• 712 Hwy 158 E
• Siler City, NC 77634
• Phone Number: 252-443-0976
• Contact: Justin Tart
• Customer
• Account Balance: $543
After adding the vendors & customers, provide a report that explains the steps in detail, with screenshots showing how to add the vendors & the customers in the software.
Submit the following for this assignment:
• A memo of 350-500 words to Farm Branch Rentals that covers the following:
o Explains the steps for setting up vendors & customers
- Use screenshots to show how to add the vendors & customers in the software.Include the required items that are needed and other items that you think of that would be helpful in properly adding vendors & customers.
- What the aged-payables & aged-receivables reports are.
- How they might be used to make management decisions from both the view of internal and external users.
- Include how the reports would be used to make management decisions for the business.
• Include an aged-accounts payable report showing the correct set up of the vendor accounts.
o Include the beginning balances for these accounts as of December 31, 2015.