Exercise 5-1: Follow the instructions below to complete Exercise 5-1:

1. If necessary start QBO.
2. Add the following customers

1. To enter the 12/1 checks and ATM, use the transaction register. Before entering checks, make sure your Checking account register shows the same 11/30 balance, $61,469.59, as the transaction register. (Hint: Chart of Accounts displays > 101 Checking.) When necessary, type the appropriate payment amounts, ATM, and check number.
   

   
   

2. After recording the 12/1 transactions, display the Bank Register for Account 101 Checking. (Hint: From the Navigation bar, select Accounting > on the Chart of Accounts double-click 101 Checking.) Make sure your ending balance is $61,001.16. If not, edit checks.Before entering the transactions on the next page, make sure the Checking account register shows $61,001.16.

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If needed, Checks can be edited by drilling down from the Vendors Page or Audit Log.

Click <Save and new>.

Exercise 5-2: Follow the instructions below to complete Exercise 5-2:

1. Export these reports to Excel and PDF. Run most of the reports from 10/1/20XX to 12/1/20XX, or as shown below. (Hint: When the report needs as As of date, use 12/1/20XX)
   • Exercise 5-2_Vendor Balance Summary (Report period > Custom > as of 12/1/20XX.)
   • Exercise 5-2_AP Aging Summary
   • Exercise 5-2_Customer Contact List
   • Exercise 5-2_ Journal (In Exercise 4-2, the Journal was printed from 10/1/20XX through 11/12/20XX. For Exercise 5-2, use 11/13/20XX through 12/1/20XX.)
   • Exercise 5-2_Transaction Detail by Account
   • Exercise 5-2_Trial Balance
   • Exercise 5-2_Inventory Valuation Summary
   • Exercise 5-2_Customer Balance Summary
   • Exercise 5-2_AR Aging Summary
   • Exercise 5-2_Profit and Loss
   • Exercise 5-2_Balance Sheet
   • Exercise 5-2_Statement of Cash Flows

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2. Check Your Figures (from 10/1/20XX to 12/1/XX):
   • Account 101 Checking, $63,581.16
   • Account 105 Accounts Receivable, $1,410.00
   • Account 115 Merchandise Inventory, $10,155.00
   • Account 201 Accounts Payable, $16,900.00
   • Account 401 Sales, $24,330.00
   • Account 501, Cost of Goods Sold, $9,165.00
   • Account 621 Office Supplies, $460.42
   • Total Liabilities and Equity, $94,146.16
   • Net Income, $12,246.16

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