Income - Exercises

Exercise #1 — Add an income source.

Use the following information to complete the exercise.

Source Name: Junior Rangers of America

Source Abbreviation: JRA

Account Number: Troop 78

Since: 07/01/2005

Web Page: www.jra-troop78.com

Exercise #2 — Add a receivable.

Use the following information to complete the exercise.

Batch Date: Press Enter to accept the default.

Receivables Account: 1115 Accounts Receivable (If you use cash basis accounting, this field does not display.)

Date: Enter the 15th day of the Batch Date

Source: Junior Rangers of America

Amount: 300

Distribution: 2028 Other Gifts & Donations, $300

Recurring Period: Quarterly

Exercise #3 — Add a receipt.

Use the following information to complete the exercise.

Batch Date: Press Enter to accept the default.

Cash Account: 1020 Cash in Checking (If you use cash basis accounting, this field does not display.)

Date: Enter the 15th day of the Batch Date

Source: Girl Rangers of America (Add this to the permanent list of sources.)

Amount: 500

Memo: Cookie Sales

Distribution: 2028 Other Gifts & Donations, $500

Exercise #4 — Post a deposit.

Use the following information to complete the exercise.

First, mark the receivable for Junior Rangers. Then, add a new cash receipt to post with this deposit using the following receipt information:

Source: Bank of North America

Amount: $50

Distribution: 2067 Interest Income, $50

Cash Account: 1020 Cash in Checking

Receipt Date: Enter the same date used in Exercise 3