Chapter 8 January Source Documents Copyright ©2017 by McGraw-Hill Education. All rights reserved. 1 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Chapter 8 Using source documents, students complete January business transactions. The source documents shown prompt transaction analysis for issuing checks for expenses (transaction register), accounts payable (vendors), inventory, accounts receivable (customers), and cash and credit card sales. 2 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. QBO Tips QBO Tips Using source documents, students record the following types of transactions. o Memo shown for Vendor payments: Vendors > select appropriate vendor > open bill > Make payment. o Transaction register: Create (+) > Check > make appropriate selection > Account details, select expense. o Credit card receipts: Create (+) > Sales Receipt > select appropriate type of credit card > complete Items. o Customer payments: Customers > select appropriate customer, open invoice > Receive payment. o Bill: Create (+) > Bill > select appropriate vendor. o Sales Invoice: Create (+) > Invoice > select appropriate customer. o Sales Receipts for cash sales: Create (+) > Sales Receipts > select cash sales. o Bank statement for checking account reconciliation. 3 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Files Saved in Chapter 8 The chart shows the PDF and Excel files saved in Chapter 8. Files can be saved to a USB flash drive, hard-drive location, network, or external media. To identify your file, you could add your name at the end of the suggested file name. PDF & ExcelPage Nos. Chapter 8_Journal296 Chapter 8_Trial Balance297 Chapter 8_AR Aging Summary297 Chapter 8_Inventory Valuation Summary297 Chapter 8_AP Aging Summary298 Chapter 8_Profit and Loss299 Chapter 8_Balance Sheet300 Chapter 8_Statement of Cash Flows301 4 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Files Saved in Chapter 8 (concluded) PDF & ExcelPage Nos. Exercise 8-1_Reconciliation Report.pdf305 Exercise 8-2_Journal305 Exercise 8-2_Transaction Detail by Account305 Exercise 8-2_General Ledger305 Exercise 8-2_Customer Balance Summary305 Exercise 8-2_Vendor Balance Summary305 Exercise 8-2_Trial Balance305 Exercise 8-2_Profit and Loss305 Exercise 8-2_Balance Sheet305 Exercise 8-2_Statement of Cash Flows305 5 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Check Your Data To make sure you are starting Chapter 8 in the correct place, display the 1/1/20XY trial balance. 6 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Source Document Analysis  To record the appropriate transaction, analyze each source document. The source documents include:  Memos for vendor payments, credit card sales, and customer payments.  Transaction Register for issuing checks.  Bills for inventory purchases.  Sales Invoices for customer sales on account.  Sales Receipts for cash sales. 7 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Reports  In Chapter 8, before completing Exercises 8-1 and 8-2, these reports are shown. o Journal from 1/1/20XY to 1/30/XY. o Trial Balance from 1/1/20XY to 1/30/XY. o A/R Aging Summary as of 1/30/20XY. o Inventory Valuation Summary as of 1/30/20XY. o A/P Aging Summary as of 1/30/20XY. o Profit and Loss from 1/1/20XY to 1/30/20XY. o Balance Sheet from 1/1/20XY to 1/30/20XY. o Statement of Cash Flows from 1/1/20XY to 1/30/20XY. 8 of 12

Online Learning Center  Go online to for additional resources. Link to Student Edition, then select Chapter 8. The Online Learning Center includes: o Narrated PowerPoints. o Going to the Net exercises. o Videos. o Multiple-Choice Questions. o True or False Questions. o Analysis Questions. o Glossary of Terms. Copyright ©2017 by McGraw-Hill Education. All rights reserved. 9 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Videos Go to Prof. Susan Crosson’s YouTube videos.Prof. Susan Crosson’s YouTube videos To review financial accounting principles and procedures, link to a view. 10 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Going to the Net Go to the QuickBooks Online blog article A quick way to pay one vendor. Read the article.A quick way to pay one vendor Question: How do you make one payment that applies to two bills? Link to a related post, How to record a billable expense.How to record a billable expense Question: What is a billable expense? 11 of 12

Copyright ©2017 by McGraw-Hill Education. All rights reserved. Analysis Questions How do you determine when to use Sales Receipts or Sales Invoices? How do you record a Sales Invoice? How do you record a Sales Receipt? 12 of 12