tag:blogger.com,1999:blog-51506628996728389192024-03-05T04:11:28.237-08:00Mark A. Basler's BlogMark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5150662899672838919.post-33230351715361253832014-08-26T15:30:00.001-07:002015-11-03T12:06:07.884-08:00QuickBooks Online & "The Accounting Game: Basic Accounting Fresh from the Lemonade Stand" exercises...<h2 id="QBOHarmonyTheLemonadeStandBook-Overview" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Overview</strong></h2>
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<span style="color: #333333; font-family: "arial" , "helvetica" , "freesans" , sans-serif; line-height: 13pt;">To help users gain experience on <a href="http://quickbooks.intuit.com/" target="_blank">Intuit's Qickbooks Online</a>, I documented the "</span><a class="external-link" href="http://www.amazon.com/The-Accounting-Game-Basic-Lemonade/dp/1402211864/ref=sr_1_1?ie=UTF8&qid=1343963199&sr=8-1&keywords=The+accounting+game" rel="nofollow" style="color: #326ca6; font-family: Arial, Helvetica, FreeSans, sans-serif; line-height: 13pt; outline: none;">The Accounting Game: Basic Accounting Fresh from the Lemonade Stand</a>" <span style="color: #333333; font-family: "arial" , "helvetica" , "freesans" , sans-serif;"><span style="line-height: 17.3333339691162px;">exercises, </span><span style="line-height: 13pt;">walking the users through them, step-by-step</span></span><span style="color: #333333; font-family: "arial" , "helvetica" , "freesans" , sans-serif; line-height: 13pt;">. </span></div>
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<span style="color: #333333; font-family: "arial" , "helvetica" , "freesans" , sans-serif; line-height: 13pt;">Many customers use books like this to understand the basics of accounting and this book is also used internally to help train the support teams. </span></div>
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<span style="line-height: 17.3333339691162px;">The goal is to show how much QBO helps a business, how much time it saves and to clearly demonstrate QBO's return on investment. </span></div>
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<span style="line-height: 17.3333339691162px;">Thanks - Mark :-)</span></div>
<h2 id="QBOHarmonyTheLemonadeStandBook-QBOsHarmonyTutorialSupplementofExercisesNotes" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>QBO's Harmony Tutorial Supplement of Exercises Notes</strong></h2>
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<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">This is not a standalone tutorial, it's more of a supplement and must be accompanied by the "<a class="external-link" href="http://www.amazon.com/The-Accounting-Game-Basic-Lemonade/dp/1402211864/ref=sr_1_1?ie=UTF8&qid=1343963199&sr=8-1&keywords=The+accounting+game" rel="nofollow" style="color: #326ca6; margin-top: 0px; outline: none;">The Accounting Game: Basic Accounting Fresh from the Lemonade Stand</a>" book to provide context. The exercises should be completed while reading the relevant chapters. Where possible, I put page numbers in so the reports could be compared with the answers in the back of the book.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">To be able to run reports properly and match the totals with the answers in the back of the book, you need to use a different transaction dates per chapter when executing the exercises. I used a scheme of fixed month & year and used the chapter number as the day. For example, I used 06/01/2014 for chapter 1's exercises and 06/04/2014 for chapter 4's exercises.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="margin-top: 0px;">The book briefly touches on taxes, I believe this was to convey that there are tax implications that need to be addressed. I took the reference in the book to pertain to federal income taxes due to the high rate, not sales taxes. Some states exempt lemonade from sales tax, others do not. It can also matter whether you bought it pre-made or made it yourself from raw ingredients. QBO can handle sale tax automatically when it is setup to do so. To start the setup click on the "Sales Tax" link on the main navbar on the left of the page (See <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/4721/kw/sales%20tax/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;">Setting up and tracking sales tax</a>). </span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">I put memos & descriptions in entries that really weren't required, but thought it helped clarify the reports & drill downs, so users could better understand what is going on.</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">The examples below weren't meant to show case all of QBO, but we could take the approach of explaining more of QBO as we define the message and target audience of this tutorial supplement.</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">I linked to some QBO Knowledge Base (KB) articles in the exercises but they pertain to CLASSIC, many are in the process of updating the documents to help our customers be successful with Harmony.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">I could have condensed some steps, but have sacrificed brevity for clarity (at least that was the goal).</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">There could be a better way to complete the task, so please keep me honest and check each of the steps. I could have made a mistake even though I have run through these exercises numerous times and there </span><span style="font-size: 10pt; line-height: 13pt;">may be more room for improvement in the approach.</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">If you get stuck, try using the in-product help or the <a class="external-link" href="https://community.intuit.com/topics/40-accounting-banking-taxes" rel="nofollow" style="color: #326ca6; margin-top: 0px; outline: none;">Intuit Community</a> site to get answers to experience how well we provide for our customers first-hand.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="color: #333333; font-family: arial, helvetica, freesans, sans-serif;"><span style="font-size: 13.3333px; line-height: 17.3333px;">I added the "Account Detail" to each step to give a better idea of how the QBO accounts are being debited & credited, but since "Net Income" isn't associated with a specific account and is calculated on the fly, those adjustments are omitted.</span></span></li>
</ul>
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<h3 id="QBOHarmonyTheLemonadeStandBook-CreateCompany" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Create Company</strong></h3>
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You can create a <a href="http://quickbooks.intuit.com/" target="_blank">free trial Plus Company</a> to run through the exercises and then delete the data. The Plus version is required to track inventory.</div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter1" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 1:</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet1StartofCompanypage5" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 1: Start of Company</strong> (page 5)</h3>
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<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Show more->Bank Deposit<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account drop down list , Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Type, choose "Bank"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Detail Type choose "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "6/1/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "New Deposits" grid,</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Category Type choose "Equity"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Detail Type choose "Owner's Equity"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description =" Initial Investment from owner"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "$5"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Initial Investment from owner"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Verify $5 total & click "Save and close"</span></li>
</ul>
</li>
</ul>
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<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $5</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Owner's Equity - $5</li>
</ul>
</li>
</ul>
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Run a Reports->Balance Sheet and select "Accrual Basis" when prompted in the mini-interview. ($5)</div>
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<em>Note: Don't add an opening " Balance" amount when creating the accounts or the value will be captured in "Opening Balance Equity" on the balance sheet</em></div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet2LoanFromMomDadpage6" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 2: Loan From Mom & Dad </strong>(page 6)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bank Deposit<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account drop down list choose "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "6/1/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In New Deposits grid,</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">in the Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> In Category Type choose "Long Term Liabilities"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Detail Type choose "Notes Payable"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Loan From Mom & Dad"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "$10"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Loan From Mom & Dad"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Verify $10 total & click "Save and close"</span></li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Notes Payable - $10</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($15)</div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet3BuyLemonadeSuppliespage10" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 3: Buy Lemonade Supplies </strong>(page 10)</h3>
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Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/4843" rel="nofollow" style="color: #326ca6; outline: none;">Buying and selling inventory items</a></div>
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Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/4836" rel="nofollow" style="color: #326ca6; outline: none;">Inventory Overview & Setup</a></div>
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<a class="external-link" href="https://www.youtube.com/watch?v=9_OQAtt2ApI" rel="nofollow" style="color: #326ca6; outline: none;">Harmony Youtube on Expenses</a></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Ensure Inventory Tracking in enabled, click the following - Settings->Company Settings</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Sales->Product & services<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Check to make sure "Track quantity on hand" is "on"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Check to make sure "Track quantity and price/rate" is "on"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Expenses->Bills and expenses<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Check to make sure "Show Items table on expense and purchase forms" is "on"</li>
</ul>
</li>
</ul>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Payee create a Vendor "Grocer" via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Date = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Item Details Grid, Create a "Product/Service" via "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add Name = "Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track Quantity on Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"as of date" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Inventory Asset Account" = "Inventory Asset"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add "Sales Information"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Price/Rate = ".20"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Income Account = "Sales of Product Income"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add "Purchasing Information"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cost = ".20"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Account = "Cost of Goods Sold"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Save Product</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update "Qty" in line item to "50"</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">In Item Details Grid, Create a "Product/Service" via "+ Add new"</span><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add Name = "Sugar LBS"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track Quantity on Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"as of date" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add "Sales Information"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Price/Rate = ".40"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Income Account = " Sales of Product Income "</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add "Purchasing Information"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cost = ".40"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Account = "Cost of Goods Sold"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Save Product</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update "Qty" in line item to "5"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy Lemonade Supplies"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify total is $12 & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $12</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $12</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($15)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: If you made a mistake on entering the inventory, you can edit the entries through Transactions->Registers for account "Inventory Asset", the click "Go To Register" .</em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-MakeLemonadefromLemons" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Make Lemonade from Lemons:</strong></h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/4845" rel="nofollow" style="color: #326ca6; outline: none;">Adjusting inventory quantity on hand</a></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings ->Product & Services-> Click "New"</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Name = "Glass of Lemonade".</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track Quantity on Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"as of date" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sales Information<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Price = ".50"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Income Account = "Sales of Product Income"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Purchase Information<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cost =".20"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Account = "Cost of Goods Sold"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</ul>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px;">
<span style="line-height: 0px;"><br /></span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Click the following - Settings->Product & Services for "Lemons"->Click Edit</span><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the "Update" button</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update quantity on hand "as of" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "New quantity on hand" to "0"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Save the product</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings ->Product & Services for "Sugar LBS"->Click Edit<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the "Update" button</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update quantity on hand "as of" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "New quantity on hand" to "0"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Save the product</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings ->Product & Services for "Glass of Lemonade"->Click Edit<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the "Update" button</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update quantity on hand "as of" = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "New quantity on hand" to "60"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Save the product</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Lemons:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Shrinkage - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sugar LBS:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Shrinkage - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Glass Of Lemonade:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $12</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Shrinkage - $12</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($15) - The values didn't change from before.</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: The update of Inventory could be done in a few different ways. Other ways are demonstrated in later exercises</em></div>
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<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet4FirstDayofSales-page14" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 4: First Day of Sales - </strong>(page 14)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a "Generic Customer" via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sales Receipt Date = "06/01/14"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "Payment Information" to<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Payment Method:" to Cash</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Deposit to" "Cash on hand" account</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Product/Service" select "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "First Day of Sales"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the Qty to "50" (amount total is calculated to $25)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify total is $25 & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sales:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $25</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $25</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cost of Goods Sold - $10</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<span style="font-size: 10pt; line-height: 13pt;">Run Reports->Recommended Reports->Balance Sheet ($30)</span></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet5GlassRentalAdvertisementRentpage15" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 5: Glass Rental, Advertisement & Rent </strong>(page 15)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/01/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Details<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Category Type choose "Expense"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Detail Type choose "Equipment Rental"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Glass Rental"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "2"</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Rent or Lease"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Rent Neighbors Lawn"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "2"</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Advertising"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Friend's Sign"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "1"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $5 total & "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Equipment Rental - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Rent or Lease - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Advertising - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $5</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($25)</div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet6PaybackMomDadpage18" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 6: Payback Mom & Dad </strong>(page 18)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Check<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account drop down list choose "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "6/1/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Details grid,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the Account Column choose "Notes Payable"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Description Column add "Loan From Mom & Dad"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Amount Column add "10.00"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Loan From Mom & Dad"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Notes Payable - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $10</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($15)</div>
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<em>NOTE: To see the numbers behind the Balance Sheet totals, you can click on the them to drill down.</em></div>
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<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter2" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 2:</strong></h2>
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<strong>Income Statement 1: </strong>(page 24)</div>
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Since you setup your QBO accounts properly this is very simple, just run a Reports->Recommended Reports->Profit & Loss report :-)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $25.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $10.00</li>
</ul>
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<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter3" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 3:</strong></h2>
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<strong>Moving Net income to Retained earnings:</strong></div>
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The book "The Accounting Game" is an accounting tutorial and since moving the net income to retained earnings at this point isn't typically done, QBO doesn't support this and it really isn't necessary now.</div>
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Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/1098" rel="nofollow" style="color: #326ca6; outline: none;">What is the Retained Earnings account?</a></div>
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<em>Retained earnings is the sum total of income and expense from all previous years. Due to the type of account it is, the program creates it automatically. <strong>When a new fiscal year starts, the program takes the net income from the last fiscal year and adds it to Retained Earnings on your Balance Sheet</strong>. There is no actual transaction that takes place, as the amount will be different depending on the date of the balance sheet. Additionally, there is no register for Retained Earnings and it is not possible to edit, delete or add a sub-account to it. You could change the name of the account if you deemed it necessary.</em></div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet7BankLoanpage38" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 7: Bank Loan </strong>(page 38)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bank Deposit<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account drop down list choose "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "6/3/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In New Deposits grid,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">in the Account Column, choose "Notes Payable"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Description Column add "Bank Loan"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Amount Column add "$50"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Bank Loan"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $50 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $50</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Note Payable - $50</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($65)</div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet8Wholesaleofcurrentinventorypage39" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 8: Whole sale of current inventory </strong>(page 39)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Customer "Wholesale Customer" that represents your friend via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale Date = "06/03/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "Payment Information" to</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = Cash</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand" account</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add a Product/Service for "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Whole sale of current inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "Qty" to "10"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Since we are selling wholesale, override the default Rate of ".50" and set it to ".20"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $2 total & "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cost of Goods Sold - $2</li>
</ul>
</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($65) Note: "0" Inventory Assets and increased "Cash on hand"</div>
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<strong style="color: black; font-size: 1.4em; line-height: normal;">Balance Sheet 9: Buy sugar from Grocer on credit </strong><span style="color: black; font-size: 1.4em; font-weight: bold; line-height: normal;">(page 42)</span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bill<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the Vendor "Grocer" from the drop down list</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Terms "Net 30 Days" (net 30 is typically standard unless otherwise specified)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Bill Date = "06/03/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Item details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose "Sugar LBS"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Description" = "Buy sugar from Grocer on credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Qty" = 10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy sugar from Grocer on credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $4 total & click "Save and close".</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Payable - $4</li>
</ul>
</li>
</ul>
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<span style="font-size: 10pt; line-height: 13pt;">Run Reports->Recommended Reports->Balance Sheet ($69)</span></div>
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<em>Note: Since you haven't paid the bill yet, it automatically shows in Accounts Payable, so you don't need to create a new account.</em></div>
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<strong style="color: black; font-size: 1.4em; line-height: normal;">Balance Sheet 10: Buy lemons from Grocer </strong><span style="color: black; font-size: 1.4em; font-weight: bold; line-height: normal;">(page 43)</span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Purchased From = "Grocer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/03/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Items details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service="Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Description" = "Buy lemons from Grocer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Qty" = 100</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy lemons from Grocer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $20 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $20</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($69)</div>
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<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter4" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 4</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet11AdjustInventoryandtransferlaborcostofsisterpage46" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 11: Adjust Inventory and transfer labor cost of sister</strong> (page 46)</h3>
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Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/3350" rel="nofollow" style="color: #326ca6; outline: none;">Tracking inventory assembly</a> issue</div>
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<em>(Using expense to adjust inventory instead of individual inventory updates that was done above to demonstrate both methods)</em></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash Account = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "$1"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account Details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Inventory Asset"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons by Sister"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "$1"</li>
</ul>
</li>
</ul>
</li>
</ul>
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<em>(It is cumbersome tracking labor in this way, hopefully this issue can be addressed now that Intuit has acquired Lettuce Inventory Management solution. See Balance Sheet 12)</em></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; list-style-type: none; margin: 0px; padding: 0px;"><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Items detail" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Lemons"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons by Sister"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty="-50"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Sugar LBS"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons by Sister"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty="-5"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons by Sister"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty="60"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Rate=".20"</li>
</ul>
</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Make Lemonade from Lemons by Sister"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $1 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Cost-of-Labor<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $1</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Lemons:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sugar LBS:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Glass Of Lemonade:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $12</li>
</ul>
</li>
</ul>
</li>
</ul>
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Run Reports->Recommended Reports->Balance Sheet ($69) -</div>
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<em>Note: Reduction in "Cash on hand" and increase in "Inventory Asset"</em></div>
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<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet12SoldLemonadeforCashandCreditpage50" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 12: Sold Lemonade for Cash and Credit </strong>(page 50)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer= "Generic Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add a Product/Service for "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Day 2, Sold Lemonade for Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "Qty" to "40"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $20 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $20</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $8</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cost of Goods Sold - $8</li>
</ul>
</ul>
</ul>
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<span style="line-height: 0px;"><br /></span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"-> Invoice<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Customer "Credit Customer" that represents you friend via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Invoice Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add a Product/Service for "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Day 2, Sold Lemonade on Credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update the "Qty" to "20"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $10 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Account Receivable - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $4</li>
</ul>
</li>
</ul>
</li>
</ul>
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<br /></div>
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Take care of Inventory Cost-of-Labor</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Journal Entries<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Inventory Asset", Credit = "$1", Description = "Adjust for Cost of Labor"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">in the Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Category Type choose "Cost of Goods Sold"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Detail Type choose "Cost of labor"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account= "Cost of labor - COS", Debit = "$1", Description = "Adjust for Cost of Labor"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Adjust for Cost of Labor"</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; margin-left: 60px; padding: 0px;">
<em><em>(It is cumbersome tracking labor in this way, hopefully this issue can be addressed now that Intuit has acquired Lettuce Inventory Management solution. </em> See Balance Sheet 11)</em></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Account Receivable - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of labor - COS - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $1</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($86)</div>
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<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet13AccountingforBadDebtpage50" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 13: Accounting for Bad Debt </strong>(page 50)</h3>
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Classic Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/2706/kw/bad%20debt/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;">Writing off Bad Debt</a></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings->Chart of Account and click the "New" button<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type= "Expense"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Bad Debts"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click Save</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings->Product and Services and click the "New" button<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add the Name "Bad Debts"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Income Account" choose "Bad Debts"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click Save</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Credit Memo<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Credit Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit Memo Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Product/Service "Bad Debts"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update "Description" to "Bad Debt for person that moved away"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update "Amount" to "4.00"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $4 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Bad Debt - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Receivable - $4</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($82)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: A Payment is automatically created for the Credit Memo and linked to the Invoice due to the "<span style="color: #404040;">Automatically apply credits" Company Setting. This can cause confusion, so you may want to disable this feature and receive the payment by hand.</span></em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet14Payback25onBankLoanandInterestPaymentpage53" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 14: Payback $25 on Bank Loan and Interest Payment </strong>(page 53)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Notes Payable", Description = "Payback Part of Bank Loan", Amount = $25</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Bank Charges", Description = "Interest on Bank Loan", Amount = $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $27 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Notes Payable - $25</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Bank Charges - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $27</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($55)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet15Buy3yearInsurancePolicyandUse1yearpage57" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 15: Buy 3 year Insurance Policy and Use 1 year </strong>(page 57)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date="06/04/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Prepaid Expenses", Description="Prepaid 2 years of Insurance Policy", Amount= $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Insurance", Description=" Use 1 year of Insurance Policy", Amount= $1</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Prepaid 2 years of Insurance Policy"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $3 total & click "Save and close".</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Insurance - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Prepaid Expenses - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $3</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($54) -</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: The Prepaid Expenses are now $2</em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement2Week2page63" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 2: Week 2 </strong>(page 63)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Just run Reports->Recommended Reports->Profit & Loss report for Chapter 3 & 4 (e.g. 6/3/2014 to 6/4/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $32.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $10.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<i>Note: Getting the numbers to match the book's example depends on the dates on which you entered the data. If you segregated the chapters entries by days or weeks, you can run the P&L for that time period. If you didn't, then you P&L will be for the transitions up to this point (Weeks 1, 2, 3 & 4). You can click on the values of the report to drill down and see how the values are derived.</i></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-Showweek2usingtheCashBasisMethodpage67" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Show week 2 using the Cash Basis Method </strong>(page 67)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Since a company having inventory must use the Accrual Basis by law, QBO doesn't support tracking inventory using Cash Basis, so we will not demonstrate the rest of Chapter 4. The Cash Basis method could be used if you are a services based business. </div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter5" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 5</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-ServiceBasedBusinessusingCashBasis" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Service Based Business using Cash Basis</strong></h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Since Chapter 5 is a digression into a Services Based company using Cash Basis, we would have to setup another QBO account, so we decided to skip the chapter, but it is worth reading.</div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter6" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 6</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-MovingNetincometoRetainedearnings" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Moving Net income to Retained earnings:</strong></h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
The book "The Accounting Game" is an accounting tutorial and since moving the net income to retained earnings at this point isn't typically done, QBO doesn't support this and it really isn't necessary now.</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet16BeginningWeek3page80" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 16: Beginning Week 3 </strong>(page 80)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($54)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet17Buylemonsfromgrocerat40eachonCredit" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 17: Buy lemons from grocer at $.40 each on Credit</strong></h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bill<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the Vendor "Grocer" from the drop down list</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Terms "Net 30 Days" (not sure of terms the book uses, but net 30 is standard)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Bill Date = "06/06/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Item Details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description= Description = "Buy Lemons on credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = 50</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Update Rate in bill line item to .40 (you could also edit the "Lemons" Product & update the Purchase Information "Cost" to pre-populate this value each time correctly, but this may only be a short-term spike in price)</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy Lemons on credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $20 total & click "Save and close".</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Assets - $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Payable - $20 - Note: Since you haven't paid the bill yet, it automatically shows in Accounts Payable.</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cost of Inventory and First-In-First-Out (FIFO) (<a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/3323/kw/fifo/r_id/103898" rel="nofollow" style="color: #326ca6; margin-top: 0px; outline: none;"> Documentation on FIFO</a>):<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">QBO uses the FIFO method for inventory costing. As the name implies, QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Goods Sold (COGS) accordingly, whenever sales of inventory items are entered. </li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Normally if you were selling the items directly to customers, you wouldn't have to do anything for tracking this after entering the appropriate purchasing cost for the product. </li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">S<em style="margin-top: 0px;">ince you are converting the raw products into a saleable product manually you do need to know which lemons you are using to price you lemonade correctly.</em></li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($74)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet18MakeLemonadefromLemonspage83answernotinbackofbook" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 18: Make Lemonade from Lemons </strong>(page 83 (answer not in back of book))</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash Account = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/06/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Item details" grid,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Lemons"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty="-50"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Sugar LBS"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty="-5"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Make Lemonade from Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Qty="60"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify Rate=".20"</li>
</ul>
</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Make Lemonade from Lemons"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $0 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $12</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $2</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($74)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: Inventory Asset is $32 (cost of Lemonade using (50 * $.20 Lemons) + ( 5 *$.40 Sugar) + (50 * $.40 lemons))</em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet19SoldLemonadeforCashandCreditpage85answerisinlessonnotbackofbook" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 19: Sold Lemonade for Cash and Credit </strong>(page 85 (answer is in lesson, not back of book))</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Generic Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale Date = "06/06/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sold Lemonade for cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "50"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Sold Lemonade for cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $25 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $25</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $25</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of goods sold - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Invoice<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Credit Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Invoice Date = "06/06/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sold Lemonade for credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "10"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Statement Memo = "Sold Lemonade for credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $5 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Account Receivable - $5</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $5</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of goods sold - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $2</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($92)</div>
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<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement3Week3FIFOMethodpage86" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 3: Week 3 FIFO Method </strong>(page 86)</h3>
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Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6 (e.g. 6/6/2014 to 6/6/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $30.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $18.00</li>
</ul>
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<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet20RedoWeek3usingLIFOwith40lemonspage90" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 20: Redo Week 3 using LIFO with $.40 lemons </strong>(page 90)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Since moving from FIFO to LIFO doesn't affect our inventory quantities, the simplest thing to do is to use a Journal Entry:</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Journal Entry<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/06/2014"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cost of Goods Sold" Debit = $10, Description = "Adjust for LIFO Inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Inventory Asset", Credit = $10, Description = "Adjust for LIFO Inventory"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Adjust for LIFO Inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify total is $10 & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($82)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement4Week3LIFOMethodpage90" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 4: Week 3 LIFO Method </strong>(page 90)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6 (e.g. 6/6/2014 to 6/6/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $30.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $8.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter7" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 7</strong></h2>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<strong>Balance Sheet 21: Friend pays back credit of $5 </strong>(page 99)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Receive Payment<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Credit Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">From the "Outstanding transactions" grid, click the oldest invoice (standard practice unless otherwise specified by the customer)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Friend paid back credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify Amount is $5 & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $5</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Receivable $5</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($82)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet22BuynewLemonadeStandsinklotandpaintpage106" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 22: Buy new Lemonade Stand, sink, lot and paint </strong>(page 106)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Account details" section<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Fixed Assets"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Buildings"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track depreciation of this asset"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose Account "Buildings:Original Cost"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Description = "Buy new Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $8</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Fixed Assets"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Land"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Buy lot for new Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $2</li>
</ul>
</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy new Lemonade Stand and lot"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $10 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Fixed Assets - $8</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Fixed Assets - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $10</li>
</ul>
</ul>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px;">
<span style="line-height: 0px;"><br /></span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Vendor "Hardware Store" via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose Account "Repair & Maintenance"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Paint for Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Paint for Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $2 total & click "Save and close"</li>
</ul>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Repair & Maintenance - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $2</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
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<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bill<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Vendor "Sink Vendor" via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Terms "Net 30"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Bill date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose Account "Buildings: Original Cost"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sink for Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Sink for Lemonade Stand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $2 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Buildings - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Payable - $2</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<span style="font-size: 10pt; line-height: 13pt;">Run Reports->Recommended Reports->Balance Sheet ($82) -</span></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: The Fixed Assets, Accounts Payable and Net Income accounts. Also as mentioned above, since we didn't move money to retained earnings, the Net income is reduced from $28 to $26 and will not show negative.</em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet23FixLemonadeStandRoofandbuypremadelemonadepage109" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 23: Fix Lemonade Stand Roof and buy premade lemonade </strong>(page 109)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bill<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Vendor "Roof Vendor" via "+ Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select Terms "Net 30"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Bill date = "06/07/2014</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Account details" section<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose Account "Repair & Maintenance"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Fix Lemonade Stand Roof"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $1</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Fix Lemonade Stand Roof"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $1 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Repair & Maintenance - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Payable - $1</li>
</ul>
</li>
</ul>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px;">
</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Itemize by Product/Service" section<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Product/Service Column, Click "+ Add new" (Preferred to track separately from homemade lemon)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Name = "Glass of Lemonade-Premade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track Quantity on Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Inventory Asset Account = "Inventory Asset"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">"Initial quantity on hand" = "0"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">as of date" = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sales Information<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Price/Rate = ".50"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Income Account = "Sales of Product Income"</span></li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Purchase information</span><ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Cost =".20"</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Expense Account = "Cost of Goods Sold"</span></li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Click Save</span></li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Description = "Bought premade Lemonade"</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Qty = 100</span></li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Memo = "Bought premade Lemonade"</span></li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"><span style="font-size: 10pt; line-height: 13pt; margin-top: 0px;">Verify $20 total & click "Save and close"</span></li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $20</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($82)</div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-CashFlowStatement1DocumentationforStatementofCashFlowspage109" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Cash Flow Statement 1: Documentation for </strong><a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/2689/kw/cash%20flow/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;"><strong>Statement of Cash Flows</strong></a><strong> </strong>(page 109)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7 (e.g. 6/7/2014 to 6/7/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at beginning of period = $59.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at end of period = $32.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: QBO shows the Accounts Payable for the period ($3) which is offset by the negative net income, so the totals are correct. For more information about QBO's Cash Flow Statement see the Documentation on </em><em><a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/2689#Chunk_2_EXT" rel="nofollow" style="color: #326ca6; outline: none;">What is a Statement of Cash Flows report and how does it work?</a></em></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<em>Note: Like the P&L, getting the numbers to match the book's example depends on the dates on which you entered the data. If you segregated entries by days or weeks, you can run the report for that time period. If you didn't, you can click on the value of the report to drill down and see how the values are derived. </em></div>
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<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet24SoldPremadeLemonadeforCashCreditPaidBillandrestofbankloananswernotinbackofbook" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 24: Sold Premade Lemonade for Cash & Credit, Paid Bill and rest of bank loan </strong>(answer not in back of book)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt (sell lemonade for cash)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Generic Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add a Product/Service for "Glass of Lemonade-Premade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sell lemonade for cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "80"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Sell lemonade for cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $40 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $40</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $40</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold = $16</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset = $16</li>
</ul>
</li>
</ul>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
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<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Invoice (sell lemonade for credit)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Credit Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Invoice Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add items to adjust inventory:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Add a Product/Service for " Glass of Lemonade-Premade "</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sell lemonade for credit "</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "20"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Statement Memo = "Sell lemonade for credit"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $10 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Receivable - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold = $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset = $4</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Pay Bills (pay back grocer for sugar)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Show all bills"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the checkbox for the "Grocer" bill for $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select " Hand-written check"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Clear out "Starting Check No." since we are paying with cash.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $4 total & click "Pay Bills"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Payable - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $4</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense (payback bank loan and interest)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account details" grid,<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Notes Payable", Description="Pay Bank Loan", Amount = "$25.00"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Bank Charges", Description="Pay Bank Interest", Amount="$2.00"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Pay Bank Loan and Interest"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $27 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Notes Payable - $25</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Bank Charges - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $27</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Reports->Balance Sheet ($81)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-CashFlowStatement2DocumentationforStatementofCashFlowspage113" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Cash Flow Statement 2: Documentation</strong> <strong>for </strong><a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/2689/kw/cash%20flow/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;"><strong>Statement of Cash Flows</strong></a><strong> </strong>(page 113)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7 (e.g. 6/7/2014 to 6/7/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at beginning of period = $59.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Cash at end of period = $41.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet25AccountedforDepreciationpage115" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 25: Accounted for Depreciation </strong>(page 115)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Journal Entry (account for depreciation)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/07/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Buildings:Depreciation", Credit = "$1", Description = "Depreciate Lemonade Stand & Sink" (automatically when you created the the "Buildings" account above)</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create Account via "+ Add new",<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Other Expense"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Depreciation"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Depreciation", Debit = "$1", Description = "Depreciate Lemonade Stand & Sink"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Depreciate Lemonade Stand & Sink"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Depreciation - $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Buildings:Depreciation - $1</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<i><strong style="font-size: 10pt; line-height: 13pt;">Note</strong><span style="font-size: 10pt; line-height: 13pt;">: If you missed clicking "Track depreciation of this asset" when you created the "Building" account above, you can create the accounts by hand:</span></i></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Settings->Chart of Accounts<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click New (Create Building:Depreciation Account)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Fixed Assets"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Accumulated Depreciation"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Name = "Depreciation"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Is sub-Account"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Choose "Buildings" as the parent account</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click New (Create Building:OriginalCost Account)</li>
<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Fixed Assets"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Buildings"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Name = " Original Cost"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Is sub-Account"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Choose "Buildings" as the parent account</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">The accounts will show up in the Account drop-down under the "Building" account.</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($80)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-CashFlowStatement3DocumentationforStatementofCashFlowspage117" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Cash Flow Statement 3: Documentation</strong> <strong>for </strong><a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/2689/kw/cash%20flow/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;"><strong>Statement of Cash Flows</strong></a><strong> </strong>(page 117)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7 (e.g. 6/7/2014 to 6/7/2014</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at beginning of period = $59.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at end of period = $41.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement5Week4page119" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 5: Week 4 </strong>(page 119)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6 (e.g. 6/7/2014 to 6/7/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $50.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $24.00</li>
</ul>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter8" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 8</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet26StartofWeek5page122" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 26: Start of Week 5 </strong>(page 122)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($80)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<strong style="color: black; font-size: 1.4em; line-height: normal;">Balance Sheet 27: Bought Wagon and Premade Lemonade for Cash and Credit </strong><span style="color: black; font-size: 1.4em; font-weight: bold; line-height: normal;">(page 128)</span></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense (Buy Wagon)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Purchased From = "Hardware Store"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Fixed Assets"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">-Detail Type = "Machinery & Equipment"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Track depreciation of this asset"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose Account = "Machinery & Equipment:Original Cost"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Buy Wagon"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $20</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy Wagon"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $20 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Machinery & Equipment:Original Cost - $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $20</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense (Buy Premade Lemonade Cash)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a "Purchased From" "Grocer 2" via "+Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Item details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade-Premade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Buy Premade Lemonade from Grocer 2"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "70"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Rate = ".30"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy premade Lemonade from Grocer 2"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $21 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $21</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $21</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Bill (Buy Premade Lemonade on Credit)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Vendor = "Grocer 2"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Terms = "Net 30"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Bill Date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Item details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Product/Service = "Glass of Lemonade-Premade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Buy Premade Lemonade from another Grocer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = "30"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Rate = ".30"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Buy premade Lemonade from another Grocer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $9 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Asset - $9</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Accounts Payable - $9</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($89)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet28SoldPremadeLemonadeforCashpage130" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 28: Sold Premade Lemonade for Cash </strong>(page 130)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Sales Receipt<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer = "Generic Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale Date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Product/Service" section<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Choose "Glass of Lemonade-Premade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Sold premade Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Qty = 100</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Sold premade Lemonade"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $50 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sale<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $50</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Sales of Product Income - $50</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold - $9</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $9</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cost of Goods Sold - $21</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $21</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($109)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet29PayOwnerpage131" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 29: Pay Owner </strong>(page 131)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Expense (Pay Owner)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In "Account details" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column, Click "+ Add New"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Expense"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;"> Detail Type = "Payroll Expenses"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Pay Owner"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = $4</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Pay Owner"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $4 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Payroll Expenses - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $4</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($105)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet30AccountforWeeksTaxLiabilitypage135" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 30: Account for Week's Tax Liability </strong>(page 135)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Journal Entries (account for Tax Liability)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/08/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In Account Column, Click "+ Add new"<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Category Type = "Other Current Liabilities"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Detail Type = "Federal Income Tax Payable"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Taxes & Licenses", Debit = "$3", Description = "Account for Week's Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Federal Income Tax Payable", Credit = "$3", Account, Description = "Account for Week's Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Depreciation", Debit = "$4" Account, Memo = "Depreciate Wagon"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Machinery & Equipment:Depreciation", Credit = "$4", Description = "Depreciate Wagon"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Account for Week's Tax Liability and Depreciate Wagon"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Taxes & Licenses - $3</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Federal Income Tax Payable - $3</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Depreciation - $4</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Machinery & Equipment:Depreciation - $4</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($101)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Note: I took this to be federal tax given the rate. So the Exercise Notes section for more info.</div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement6Week5page137" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 6: Week 5 </strong>(page 137)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6 (e.g. 6/8/2014 to 6/8/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $50.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $9.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-CashFlowStatement4page138" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Cash Flow Statement 4: </strong>(page 138)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7 (e.g. 6/8/2014 to 6/8/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at beginning of period = $41.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Cash at end of period = $46.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter9" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 9</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet31AccountforthePeriodsTaxLiabilitypage141" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 31: Account for the Period's Tax Liability </strong>(page 141)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Journal Entries (account for Tax Liability)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/09/2014""</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Federal Income Tax Payable", Credit = "$13", Description = "Account for Tax Period's Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Taxes & Licenses", Debit = "$13", Description = "Account for Tax Period's Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Account for Tax Period's Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Taxes & Licenses - $13</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Federal Income Tax Payable - $13</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($101)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet32WriteOffSpoiledInventoryandAdjustPeriodsTaxLiabilitypage142" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 32: Write Off Spoiled Inventory and Adjust Period's Tax Liability </strong>(page 142)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">lick the following - "+"->Journal Entries (account for Tax Liability)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/09/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Inventory Shrinkage", Debit = "$10", Description = "Write Off Spooled Inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Inventory Asset", Credit = "$10", Description = "Write Off Spooled Inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Federal Income Tax Payable", Debit = "$2", Description = "Adjust Period's Tax Liability for Spooled Inventory"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Taxes & Licenses", Credit = "$2", Description = "Adjust Period's Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Write Off Spooled Inventory and Adjust Period's Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Inventory<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Inventory Shrinkage - $10</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Inventory Asset - $10</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Track Tax Liability<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Federal Income Tax Payable - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Taxes & Licenses - $2</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($91)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-BalanceSheet33PaySuppliersPayTaxesCollectReceivablesCash-inInsurancePolicypage144" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Balance Sheet 33: Pay Suppliers, Pay Taxes, Collect Receivables & Cash-in Insurance Policy </strong>(page 144)</h3>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Pay Bills (pay back remaining vendors)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Account = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Show all bills"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the "Grocer" bill for "Amt to Pay" $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the "Sink Vendor" bill for "Amt to Pay" $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the "Roof Vendor" bill for "Amt to Pay" $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select the "Grocer 2" bill for "Amt to Pay" $9</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Date = "08/09/2012"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Select "Hand-written check" and clear out "Starting Check No." since we are paying with cash.</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $32 total and Click "Pay Bills"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Grocer<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Payable- $20</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $20</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Sink Vendor<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Payable- $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $2</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Roof Vendor<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Payable- $1</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $1</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Grocer 2<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Accounts Payable- $9</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $9</li>
</ul>
</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Check (Pay Tax Liability)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Create a Vendor "IRS" via "+Add new"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account = "Cash On Hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Expense Date = "06/09/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Account detail" grid<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account "Federal Income Tax Payable"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Description = "Pay Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Amount = "$14"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Pay Tax Liability"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $14 total & click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Federal Income Tax Payable - $14</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Cash on hand - $14</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - Transactions - > Sales (Collect Outstanding Receivables)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click on "Unpaid" section of the Money Bar where there is "2 OPEN INVOICES"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Receive Payment" on one of the line items</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">In the "Receive Payment" page<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Customer ="Credit Customer"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/09/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Payment Method = "Cash"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Deposit to = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click on all items in "Outstanding Transactions" grid</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Collect Outstanding Receivables"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Verify $16 "Amount to Apply" and click "Save and close"</li>
</ul>
</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">You will be returned to the Sales Transactions page and the Money Bar should show all as Paid</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $16</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Account Receivable - $16</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click the following - "+"->Transfer (Transfer Cashed-in Insurance Policy)<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">From = "Prepaid Expenses"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">To = "Cash on hand"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Transfer Amount = $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Date = "06/09/2014"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Memo = "Transfer Cashed-in Insurance Policy"</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Click "Save and close"</li>
</ul>
</li>
</ul>
<ul style="background-color: white; clear: both; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Account Detail:<ul style="font-size: 10pt; line-height: 13pt; list-style-type: disc; margin: 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Debit - Cash on hand - $2</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Credit - Prepaid Expenses - $2</li>
</ul>
</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Run Reports->Recommended Reports->Balance Sheet ($45)</div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 id="QBOHarmonyTheLemonadeStandBook-IncomeStatement7ForWholeSummerpage145" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>Income Statement 7: For Whole Summer </strong>(page 145)</h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Just run Reports->Recommended Reports->Profit & Loss report for Chapters 1-9 (e.g. 6/1/2014 to 6/9/2014)</div>
<ul style="background-color: white; color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin: 1em 0px; padding-left: 3em; padding-top: 0px;">
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Total Income = $187.00</li>
<li style="font-size: 10pt; line-height: 13pt; margin: 0px; padding: 0px;">Net Income = $40.00</li>
</ul>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h2 id="QBOHarmonyTheLemonadeStandBook-Chapter10" style="background-color: white; border-bottom-color: rgb(145, 150, 153); border-bottom-style: solid; border-bottom-width: 1px; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.6em; margin: 2em 0px 0.5em; padding: 0px 0px 2px;">
<strong>Chapter 10</strong></h2>
<h3 id="QBOHarmonyTheLemonadeStandBook-QBOTrendsScorecardallowsyoutocompareyourbusinesstoothersinsimilarindustries" style="background-color: white; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 1.4em; margin: 1.5em 0px 0.5em; padding: 0px;">
<strong>QBO Trends/Scorecard allows you to compare your business to others in similar industries</strong></h3>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; margin-bottom: 10px; padding: 0px;">
Documentation on <a class="external-link" href="https://qboe--tst1.custhelp.com/app/answers/detail/a_id/3230/kw/scorecard/r_id/103898" rel="nofollow" style="color: #326ca6; outline: none;">Compare my income and expenses to others in my industry?</a></div>
<div style="background: none rgb(255, 255, 255); color: #333333; font-family: Arial, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 17.3333339691162px; padding: 0px;">
Run Reports->All Reports->Business Overview->Scorecard</div>
Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com7tag:blogger.com,1999:blog-5150662899672838919.post-10066420940640727212013-10-25T14:33:00.002-07:002013-10-25T14:37:12.804-07:00Simple Mule 3.4 Component Binding Complete ExampleWe have been looking at Mule to help with our routing needs as part of our ongoing decomposition projects. I have experience with other ESBs and prefer using some programmatic control, so flows can be easily componentized and then declaratively wired together. I believe this approach balances the programmatic and declarative control and uses the strengths of each to promote flexibility and maintainability. <br />
<br />
Mule Component Bindings seemed to be the solution I was looking for, so I started to focus my research in that area. Unfortunately, <a href="http://www.mulesoft.org/documentation/display/current/Component+Bindings" target="_blank">the documentation available on the component binding approach</a> was dated and didn't work out-of-the-box with the Mule 3.4 version, so I took some time to create a simple example to demonstrate the functionality end-to-end in a small footprint.<br />
<br />
This Mule Component Binding Example, uses both Mule declarations and a Java class to direct the flow to the components declared in the BindTestObjectProof.xml file. To follow this example, the reader must have some basic understanding of Mule, Java, HTTP and JMS. <i>The example's encapsulated flow, functionality, structure, comments and component naming is purposefully simplistic and verbose to facilitate understanding.</i><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvL7jReFggRAKLmPR85g8UfWwLq4Bx80mBC70mIbpy56MRkTFXjjgh509xxWg5nYB247laZvpARZE3xEt5Gcfx4EjLwYTpvLiP0N3yohVRPSOT1WU5RV2l52c1CrDmrS14hkE2ReRhMjS7/s1600/MuleExample.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvL7jReFggRAKLmPR85g8UfWwLq4Bx80mBC70mIbpy56MRkTFXjjgh509xxWg5nYB247laZvpARZE3xEt5Gcfx4EjLwYTpvLiP0N3yohVRPSOT1WU5RV2l52c1CrDmrS14hkE2ReRhMjS7/s640/MuleExample.png" width="640" /></a></div>
<br />
The diagram above shows the example flow that consists of the following steps:<br />
<ul>
<li><b>Step 1</b>: A client makes an HTTP request to http://localhost:8081, initiating the flow. A string is appended to the message payload and the request is directed to the TestInitiator:processRequest method called through the <a href="http://www.mulesoft.org/documentation/display/current/Developing+Components#DevelopingComponents-DefaultMessageFlowBehavior" target="_blank">Mule's Default Behavior</a>, passing in the augmented message payload.</li>
</ul>
<ul>
<li><b>Step 2</b>: The TestInitiator:processRequest method creates a TestDao object, adding the passed-in request data to each field. Then the TestObjectServiceInterface:repeatNameString method is called with the TestDao object, which sends a message to the "vm.ObjectDirectService" inbound-endpoint declared in the flow.</li>
</ul>
<ul>
<li><b>Step 3</b>: The "vm.ObjectDirectService" endpoint passes the message to the TestObjectDirectService:repeatNameString method with the payload as an argument. A String is appended to each of the TestDao fields and the message response is sent with the payload returned by the Java method.</li>
</ul>
<ul>
<li><b>Step 4</b>: In the TestInitiator:processRequest method, the TestObjectServiceInterface:repeatNameString method returns with the augmented TestDao object.</li>
</ul>
<ul>
<li><b>Step 5: </b>The TestInitiator:processRequest method then calls the TestObjectServiceInterface:repeatNameJms method with the TestDao object, which sends a message to the "vm.ObjectJmsService" inbound-endpoint declared in the flow.</li>
</ul>
<ul>
<li><b>Step 6:</b> The "vm.ObjectJmsService" endpoint uses a <a href="http://www.mulesoft.org/documentation/display/current/Routing+Message+Processors#RoutingMessageProcessors-RequestReply" target="_blank">request-reply</a> construct to synchronize the JMS request/response MEP and posts a message to the JMS outbound-endpoint wired to the "QueueObjectRequest" queue. </li>
</ul>
<ul>
<li><b>Step 7:</b> The JMS message is received by the JMS inbound-endpoint listening on the "QueueObjectRequest" queue</li>
</ul>
<ul>
<li><b>Step 8:</b> The message is passed to the TestObjectJmsService:repeatNameJms method with the payload as an argument. A string is appended to each of the TestDao fields and returned.</li>
</ul>
<ul>
<li> <b>Step 9: </b>A JMS response message is generated with the payload returned by the Java method and then sent to the JMS outbound-endpoint wired to the "QueueObjectResponse" queue.</li>
</ul>
<div>
<div>
<ul>
<li><b>Step 10:</b> The JMS response message is received by the JMS inbound-endpoint listening on the "QueueObjectResponse" queue and returned up the flow.</li>
</ul>
</div>
<ul>
<li><b>Step 11:</b> The message is returned up the flow.</li>
</ul>
<div>
<ul>
<li><b>Step 12</b>: In the TestInitiator:processRequest method, the TestObjectServiceInterface:repeatNameJms method returns with the augmented TestDao object and then the TestInitiator:processRequest method also returns the augmented TestDao. </li>
</ul>
<ul>
<li><b>Step 13:</b> The message is returned up the flow, transformed to JSON and sent in an HTTP response to the client.</li>
</ul>
<div>
<br /></div>
<div>
<h2>
Running the Example</h2>
To share this example, I exported a Mule zip (with source code) and uploaded to my public <a href="https://drive.google.com/file/d/0B7NXOM2y5YK-QmJvNEVHUDNXLXM/edit?usp=sharing" target="_blank">Google Drive at MuleBindTestProof.zip</a>.<br />
<br />
<br />
When Running the example in Mule, you should see the following output from the command line<br />
<i><b>>curl.exe http://localhost:8081/</b></i><br />
<span style="color: #38761d; font-size: x-small;">{"name":"mark/-000-String-JMS","address":"milpitas/-000-String-JMS","description":"testing/-000-String-JMS"}</span><br />
<br />
In the mule logs/console, you should see something like the following (depending on your log level):<br />
<span style="color: #38761d; font-size: x-small;">**START TestInitiator:processRequest - request=/-000</span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="color: #38761d; font-size: x-small;">Return from repeatNameString - result=name=mark/-000-String; address=milpitas/-000-String, description=testing/-000-String</span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="color: #38761d; font-size: x-small;">Return from repeatNameJms - result=name=mark/-000-String-JMS; address=milpitas/-000-String-JMS, description=testing/-000-String-JMS</span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="color: #38761d; font-size: x-small;">**END TestInitiator:processRequest - result=name=mark/-000-String-JMS; address=milpitas/-000-String-JMS, description=testing/-000-String-JMS</span><br />
<br />
<br /></div>
<h2>
Walk through of the Mule Flow Snippet (BindTestObjectProof.xml)</h2>
</div>
</div>
<b>Declaration to Configure JMS broker used in example. Used above in Steps 7-10</b><br />
<span style="color: #38761d; font-size: x-small;"><jms:activemq-connector name="Active_MQ" specification="1.1" brokerURL="vm://localhost" validateConnections="true" doc:name="Active MQ Broker" />
</span><br />
<br />
<br />
<b>Declaration of the http endpoint, the message sending to the TestInitiator after appending a string and the conversion of the resultant object to JSON after the flow is exected. Described above in Steps 1 and 13 </b><br />
<span style="color: #38761d; font-size: x-small;"><flow name="TestInRequest" doc:name="TestInRequest"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Inbound endpoint used to initiate flow by http call to localhost:8081 --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <http:inbound-endpoint exchange-pattern="request-response"
host="localhost" port="8081" doc:name="HTTP Entry Point" /> </span><span style="font-size: x-small;"> </span><br />
<span style="font-size: x-small;"> <!-- Route to Java flow Initiator --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:outbound-endpoint path="vm.TestInitiator"
exchange-pattern="request-response" doc:name="Call to TestInitiator flow"> </span><br />
<span style="color: #38761d; font-size: x-small;"> </span><span style="font-size: x-small;"><!-- append request value with static value before message is sent for demo purposes --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <append-string-transformer message="-000" /> </span><br />
<span style="color: #38761d; font-size: x-small;"> </vm:outbound-endpoint> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Transform message payload to json --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <json:object-to-json-transformer
doc:name="Transfor output to JSON" /></span><br />
<span style="color: #38761d; font-size: x-small;"></flow>
</span><br />
<br />
<br />
<b>Declaration of the TestInitiator inbound-endpoint and the TestInitiator component that is bound to the 2 outbound-endpoints through the TestObjectServiceInterface methods. Described above in Steps 2, 4, 5 and 12.</b><br />
<span style="color: #38761d; font-size: x-small;"><flow name="TestInitiator" doc:name="TestInitiator"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Inbound endpoint mapped to caller path above through attribute path="vm.TestInitiator"
(vm.* is just a naming </span><span style="color: #38761d; font-size: x-small;">convention for clarity, not a required prefix) --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:inbound-endpoint path="vm.TestInitiator"
exchange-pattern="request-response" doc:name="Inbound endpoint for </span><br />
<span style="color: #38761d; font-size: x-small;"> Initiator" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Java class that will call the Interfaces Methods that is wired-up through
the bindings --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <component class="com.intuit.bind.TestInitiator" doc:name="Java Initiator"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Bind the outbound endpoint to TestObjectServiceInterface:repeatNameString
method which is used by TestInitiator</span><br />
<span style="font-size: x-small;"> (set via setTestObjectServiceInterface) --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <binding interface="com.intuit.bind.TestObjectServiceInterface"
method="repeatNameString"> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:outbound-endpoint path="vm.ObjectDirectService"
exchange-pattern="request-response"/> </span><br />
<span style="color: #38761d; font-size: x-small;"> </binding> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Bind the outbound endpoint to TestObjectServiceInterface:repeatNameJms
method which is used by TestInitiator (set </span><br />
<span style="font-size: x-small;"> via setTestObjectServiceInterface) --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <binding interface="com.intuit.bind.TestObjectServiceInterface"
method="repeatNameJms"> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:outbound-endpoint path="vm.ObjectJmsService"
exchange-pattern="request-response"/> </span><br />
<span style="color: #38761d; font-size: x-small;"> </binding> </span><br />
<span style="color: #38761d; font-size: x-small;"> </component> </span><br />
<span style="color: #38761d; font-size: x-small;"></flow>
</span><br />
<br />
<br />
<b>Declaration of the vmObjectDirectService inbound-endpoint. Described above in Step 3.</b><br />
<span style="color: #38761d; font-size: x-small;"><flow name="ObjectDirectService" doc:name="ObjectDirectService"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Inbound endpoint mapped through the path attributes called via binding
of </span><br />
<span style="font-size: x-small;"> TestObjectServiceInterface:repeatNameString --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:inbound-endpoint path="vm.ObjectDirectService"
exchange-pattern="request-response" </span><br />
<span style="color: #38761d; font-size: x-small;"> doc:name="Inbound endpoint" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Call to java class to modify object, but this could be anything (e.g.
call to external service) --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <component class="com.intuit.bind.TestObjectDirectService"
doc:name="Java" /> </span><br />
<span style="color: #38761d; font-size: x-small;"></flow>
</span><br />
<br />
<br />
<b>Declaration of the JMS Service "vm.ObjectJmsService" inbound-endpoint and the JMS message orchestration. Described above in Steps 6, 7, 10 and 11.</b><br />
<span style="color: #38761d; font-size: x-small;"><flow name="ObjectJmsService" doc:name="ObjectJmsService"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Inbound endpoint mapped through the path attributes called via binding
of </span><br />
<span style="font-size: x-small;"> TestObjectServiceInterface:repeatNameJms --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <vm:inbound-endpoint path="vm.ObjectJmsService"
exchange-pattern="request-response" doc:name="Inbound endpoint" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Request-reply construct to synchronize the JMS request/response MEP --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <request-reply> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Outbound endpoint to send JMS request --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <jms:outbound-endpoint connector-ref="Active_MQ"
queue="QueueObjectRequest" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Inbound endpoint to receive JMS response --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <jms:inbound-endpoint connector-ref="Active_MQ"
queue="QueueObjectResponse" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="color: #38761d; font-size: x-small;"> </request-reply> </span><br />
<span style="color: #38761d; font-size: x-small;"></flow>
</span><br />
<br />
<br />
<b>Declaration of the JMS inbound-endpoint described above in Steps 8 and 9</b><br />
<span style="color: #38761d; font-size: x-small;"><flow name="ObjectJmsEndpoint" doc:name="ObjectJmsEndpoint"> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- JMS Inbound endpoint mapped through the queue attributes called via
jms:outbound-endpoint --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <jms:inbound-endpoint exchange-pattern="request-response"
queue="QueueObjectRequest" </span><br />
<span style="color: #38761d; font-size: x-small;"> connector-ref="Active_MQ" doc:name="JMS Inbound endpoint" /> </span><br />
<span style="color: #38761d; font-size: x-small;"><br /></span>
<span style="font-size: x-small;"> <!-- Call to java class to modify object, but this could be anything (e.g.
call to external service) --> </span><br />
<span style="color: #38761d; font-size: x-small;"> <component class="com.intuit.bind.TestObjectJmsService"
doc:name="Java" /> </span><br />
<span style="color: #38761d; font-size: x-small;"></flow>
</span><br />
<br />
<br />
<div>
<div>
<h2>
Walk through the Java Class Snippet (TestInitiator.java)</h2>
</div>
<span style="font-size: x-small;">// instance variable that holds the interface used to invoke the outbound-endpoints<br />// wired-up declaratively<br /><span style="color: #38761d;">private TestObjectServiceInterface testObjectService;</span><br /><br /> // Method called through the Mule's Default Behavior, passing in the augmented message payload.<br /><span style="color: #38761d;"> public TestDao processRequest(String request) {</span><br /><br /> // create object to send<br /><span style="color: #38761d;"> TestDao dao=new TestDao("mark" + request, "milpitas" + request, "testing" + request);</span><br /><br /> // set object to service that will append "-String" to each variable<br /><span style="color: #38761d;"> TestDao result = getTestObjectServiceInterface().repeatNameString(dao);</span><br /><br /> // set object to service that will append "-JMS" to each variable<br /><span style="color: #38761d;"> result = getTestObjectServiceInterface().repeatNameJms(result);</span></span></div>
<div>
<span style="color: #38761d; font-size: x-small;"> return result;<br />}</span></div>
<div>
<span style="font-size: x-small;">// This mutator is called by Mule to pass in the interface used to invoke the outbound-endpoints<br />// wired-up declaratively<br /><span style="color: #38761d;">public void setTestObjectServiceInterface(TestObjectServiceInterface testObjectService) {</span><br /><span style="color: #38761d;"> this.testObjectService = testObjectService;</span><br /><span style="color: #38761d;">}</span><br /><br /><span style="color: #38761d;">public TestObjectServiceInterface getTestObjectServiceInterface() {<br /> return testObjectService;<br />}</span></span><br />
<div>
<br />
<br />
<h2>
Conclusion</h2>
By using both programmatic and declarative methodologies it enables the creation of reusable components at different levels of granularity, easily re-routable flows and to program using strong types where desired.<br />
<br />
We are in the process of performance testing Mule and its routing capabilities. Depending on the result, we may be using it as a central piece of our service infrastructure going forward.</div>
<div>
</div>
</div>
Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com1tag:blogger.com,1999:blog-5150662899672838919.post-25044314741478684842012-11-12T18:30:00.000-08:002012-11-12T18:30:52.054-08:00Running Dojo DOH tests headlessly with PhantomJS...One of the challenges was to run our tests in the continuous integration environment. This would enable emailing developers if a check-in caused tests to fail. Our service tests are written using Junit/HttpClient and this was a relatively easy task to complete. But our UI tests are written in <a href="http://dojotoolkit.org/reference-guide/1.8/util/doh.html" target="_blank">Dojo's DOH</a> and the same task posed a little more of a challenge.<br />
<br />
We looked at <a href="http://phantomjs.org/" target="_blank">PhantomJS</a>, <a href="http://zombie.js/" target="_blank">Zombie.js</a> and <a href="http://htmlunit.sourceforge.net/" target="_blank">HTMLUnit </a>to see which one would solve our problem and we could quickly adopt. We found that PhantomJS seemed to work the best when using the DOH Runner. Zombie.js couldn't seem to load the DOH Runner correctly and HTMLUnit worked for some simple tests, but gave numerous errors while running.<br />
<br />
<b>PhantomJS Script</b><br />
The PhantomJS script to initiate the DOH Runner turned out to be straight-forward using the the <a href="https://github.com/ariya/phantomjs/wiki/Quick-Start" target="_blank">Quick Start</a> and <a href="https://github.com/ariya/phantomjs/wiki/API-Reference" target="_blank">Reference API</a> documentation.<br />
<br />
<b><span style="color: green;">phantomDohRunner.js</span></b>
<br />
<pre><span style="color: green;"> var page = require('webpage').create(),
url, text;
if (!require('system').isSSLSupported) {
console.log('Need SSL');
phantom.exit();
} else {
console.log('Have SSL');
}
// set support for cookies
phantom.cookiesEnabled = true;
var debugx=false;
page.onConsoleMessage = function (msg) {
console.log(msg);
};
page.onError = function(msg, trace) {
console.log("Error Encountered: " + msg);
};
page.onInitialized = function() {
page.evaluate(function() {
document.addEventListener("DOMContentLoaded", function() {
console.log("DOM content has loaded.");
}, false);
});
};
page.onResourceRequested = function(request) {
if (debugx) console.log("Request (#" + request.id + "): " + JSON.stringify(request));
};
page.onResourceReceived = function(response) {
if (debugx) console.log('Response (#' + response.id + ', stage "' + response.stage + '"): ' + JSON.stringify(response));
};
// must have URL to hit
url = phantom.args[0];
if (typeof url === "undefined") {
console.log("Error: arg[0] must be a fully qualified URL.\nCommand format is: 'phantomjs phantomDohRunner.js \"URL\" [timeout in millis]'.");
console.log("For Example:\nphantomjs phantomDohRunner.js \"http://HOST/tester/dojo/util/doh/runner.html?test=dojo/tests/_base/array\" 20000\n\n");
// phantom.exit doesn't terminate the program, so put in conditional
phantom.exit();
} else {
// get timeout from command line or default
timeout = phantom.args[1];
if (typeof timeout === "undefined") {
timeout = 60000; // default to 1 minute
}
console.log("URL = " + url);
console.log("Timeout = " + timeout + " milliseconds\n\n");
page.open(url, function () {
setTimeout(function(){
page.render("phantomDohRunnerFinish.png");
console.log("Closing down.");
phantom.exit();
}, timeout);
});
}
</span></pre>
<br />
The PhantomJS script above takes a URL of the DOH Runner and the time to wait for the tests to complete (in milliseconds). <br />
<br />
For example: phantomjs phantomDohRunner.js "http://HOST/tester/dojo/util/doh/runner.html?test=dojo/tests/_base/array" 20000<br />
<br />
<i><span style="font-size: x-small;">Note: Currently, </span></i><i><span style="font-size: x-small;">for some sites </span></i><i><span style="font-size: x-small;">PhantomJS doesn't work well when using a secure protocol (https). We <a href="https://groups.google.com/forum/#!topic/phantomjs/p9exVa4827A" target="_blank">asked the PhantomJS forum</a> and found this is a known issue and a fix has been proposed. For now the workaround is to use a client-side proxy (e.g. <a href="http://www.fiddler2.com/fiddler2/" target="_blank">Fiddler</a>) that can manage the SSL handshake and allows PhantomJS interactions.</span> </i><br />
<br />
The script above also renders a phantomDohRunnerFinish.png image after the timer expires. It should look something like:<br />
<br />
<div class="separator" style="clear: both; display: block; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixD5dTURIJuum1FG_Qw1Qzckapqg1k69u9ELlLMh7XTv_ML8nZIkTjB3SnZAKRAb1T0hGoztKhUvfeFZ-ZRm2L4OVIqeaYJGyYZwY-PicLBuTT4VXGjyS5bpn35vbmxy8Kxn8Ix3oR1c8S/s1600/phantomDohRunnerFinish.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixD5dTURIJuum1FG_Qw1Qzckapqg1k69u9ELlLMh7XTv_ML8nZIkTjB3SnZAKRAb1T0hGoztKhUvfeFZ-ZRm2L4OVIqeaYJGyYZwY-PicLBuTT4VXGjyS5bpn35vbmxy8Kxn8Ix3oR1c8S/s640/phantomDohRunnerFinish.png" width="640" /></a></div>
<br />
<br />
<b>Get the log to the console</b><br />
I know what you are asking, "<i>why don't I see the log output in the console?</i>". The answer is that the DOH Runner redirects the output, so it doesn't display.<br />
<br />
Now we need to get access to the output displayed in the Runner. Since we wanted it to be able to execute the Runner correctly in the browser, we decided to resend the output to the console if it was run by a Phantom agent.<br />
<br />
We made the following changes to the DOH js files to make this happen (diff'ed output below):<br />
<br />
<b>util/doh/_parseURLargs.js</b><span style="font-size: x-small;"><b> </b>(keep original console ref when run from DOH Runner)</span><br />
<pre><span style="color: green;">1,4d0
< // need to keep original window console to log for headless runners like phantomjs (called from runner.html)
< if(typeof window.console !== "undefined" && typeof window.consoleOrig === 'undefined') {
< window.consoleOrig=window.console;
< }
</span></pre>
<br />
<b>util/doh/runner.js </b><span style="font-size: x-small;">(keep original console ref when run directly though doh/main)</span><br />
<pre><span style="color: green;">1523,1526c1523
< // Phantomjs - set to fix summary printing timing issue when running headlessly.
< setTimeout(function() {
< this._report();
< }.bind(this), 500);
---
> this._report();
1537,1540d1533
< // need to keep original window console to log for headless runners like phantomjs (called from runner.html & doh/main)
< if(typeof window!="undefined" && typeof window.console !== "undefined" && typeof window.consoleOrig === 'undefined') {
< window.consoleOrig = window.console;
< }</span></pre>
<br />
<b>util/doh/_browserRunner.js </b><span style="font-size: x-small;">(if PhantomJS agent, send output to orig console too)</span><br />
<pre><span style="color: green;">1,9c1
< define("doh/_browserRunner", ["dojo/main", "doh/runner", "dojo/_firebug/firebug"], function(dojo, doh) {
<
< // check to see if we need to log to orignal console for phantomjs and so we don't double log if running in a true browser
< var phantomRunner=false;
< if(navigator.userAgent.toLowerCase().indexOf("phantomjs") > 0) {
< window.consoleOrig.log("*** Found PhantomJS UserAgent ***");
< phantomRunner=true;
< }
<
---
> define(["dojo/main", "doh/runner", "dojo/_firebug/firebug"], function(dojo, doh) {
393,419c385,407
< }else if(window["console"]){
< if(console.error){
< doh.error = function(){
< sendToLogPane.call(window, arguments);
< console.error(Array.prototype.join.call(arguments, " "))
< if(phantomRunner) window.consoleOrig.log(Array.prototype.join.call(arguments, " "));
< };
< }
< if(console.debug){
< doh.debug = function(){
< sendToLogPane.call(window, arguments);
< console.debug(Array.prototype.join.call(arguments, " "))
< if(phantomRunner) window.consoleOrig.log(Array.prototype.join.call(arguments, " "));
< };
< }else if(console.info){
< doh.debug = function(){
< sendToLogPane.call(window, arguments);
< console.info(Array.prototype.join.call(arguments, " "))
< if(phantomRunner) window.consoleOrig.log(Array.prototype.join.call(arguments, " "));
< };
< }else{
< doh.debug = function(){
< sendToLogPane.call(window, arguments);
< console.log("DEBUG:"+ Array.prototype.join.call(arguments, " "));
< if(phantomRunner) window.consoleOrig.log("DEBUG:"+ Array.prototype.join.call(arguments, " "));
< };
< }
---
> }else if(window["console"]){
> if(console.error){
> doh.error = function(){
> sendToLogPane.call(window, arguments);
> console.error(Array.prototype.join.call(arguments, " "))
> };
> }
> if(console.debug){
> doh.debug = function(){
> sendToLogPane.call(window, arguments);
> console.debug(Array.prototype.join.call(arguments, " "))
> };
> }else if(console.info){
> doh.debug = function(){
> sendToLogPane.call(window, arguments);
> console.info(Array.prototype.join.call(arguments, " "))
> };
> }else{
> doh.debug = function(){
> sendToLogPane.call(window, arguments);
> console.log("DEBUG:"+ Array.prototype.join.call(arguments, " "));
> };
> }
</span></pre>
<br />
Now when you re-run the command above, you should see the following output in your console and the finished image of the page will render correctly as well.<br />
<br />
<pre><span style="color: green;">c:\dev\ui\test>phantomjs phantomDohRunner.js "http://hostserver/tester/dojo/util/doh/runner.html?test=dojo/tests/_base/array" 20000
WE HAVE SSL
URL = http://hostserver/tester/dojo/util/doh/runner.html?test=dojo/tests/_base/array
Timeout = 20000 milliseconds
DOM content has loaded.
14 tests to run in 1 groups
------------------------------------------------------------
GROUP "tests._base.array" has 14 tests to run
PASSED test: testIndexOf 1 ms
PASSED test: testIndexOfFromIndex 1 ms
PASSED test: testLastIndexOf 0 ms
PASSED test: testLastIndexOfFromIndex 0 ms
PASSED test: testForEach 0 ms
PASSED test: testForEach_str 0 ms
PASSED test: testForEach_string_callback 2 ms
PASSED test: testEvery 2 ms
PASSED test: testEvery_str 0 ms
PASSED test: testSome 1 ms
PASSED test: testSome_str 1 ms
PASSED test: testFilter 1 ms
PASSED test: testFilter_str 0 ms
PASSED test: testMap 0 ms
WOOHOO!!
------------------------------------------------------------
| TEST SUMMARY:
------------------------------------------------------------
14 tests in 1 groups
0 errors
0 failures</span>
</pre>
<br />
<br />
After we took this approach, we attended a <a href="https://docs.google.com/open?id=0Bxk-ja0Y6inDTFozdlh3WXZYQW8" target="_blank">presentation given by Dylan Schiemann</a> and he mentioned that we could have solved for logging by using <a href="http://dojotoolkit.org/reference-guide/1.8/dojox/analytics.html" target="_blank">Dojo Analytics</a>. Currently the solution above is working for us and will use it for now.<br />
<br />
Hope this helps - Thanks - Mark :-)Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com2tag:blogger.com,1999:blog-5150662899672838919.post-27694003701281433172012-02-16T09:41:00.000-08:002012-02-19T08:15:58.120-08:00Security Issue with services that accept XML documents through DOCTYPE Entity…Hi Guys,<br /> <br />We identified a service attack and devised a solution that shouldn’t require full-double parsing/reading of the request data through an interceptor, which was the initial recommendation from RedHat.<br /> <br />An <a href="http://projects.webappsec.org/w/page/13247003/XML%20External%20Entities">attacker using an DOCTYPE Entity can access the local file system</a> and export sensitive data (see example request/response below). <br /> <br />The main challenge was that we use RestEasy and the implementation wasn't written to allow the addition of security attributes to the parser. <br /> <br />We have a proposed temporary fix to the <span style="color:green;">org.jboss.resteasy.plugins.providers.jaxb.JAXBXmlTypeProvider:readFrom</span> method which uses a custom EntityResolver, the code is as follows:<br /><pre><br />JAXBContext jaxb = findJAXBContext(type, annotations, mediaType, true);<br />Unmarshaller unmarshaller = jaxb.createUnmarshaller();<br /><br /><span style="color:green;">DocumentBuilderFactory dbf = DocumentBuilderFactory.newInstance();<br />dbf.setNamespaceAware(true);<br />dbf.setExpandEntityReferences(false);<br />DocumentBuilder db = dbf.newDocumentBuilder();<br />// set entity resolver to throw exception when enternalEntity Exists...<br />db.setEntityResolver(new NoDocTypeHandler());<br />Document doc = db.parse(entityStream);</span><br /><br />Object obj = unmarshaller.unmarshal(doc);<br />…<br /><br /><span style="color:green;">// InnerClass to throw an error if externalEntities exist<br />class NoDocTypeHandler extends DefaultHandler {<br /> NoDocTypeHandler() { <br /> super(); <br /> }<br /> public InputSource resolveEntity(String publicId, String systemId) throws SAXException { <br /> throw new SAXNotSupportedException("External Entity Declarations are not Supported!"); <br /> }<br />}</span><br /></pre><br />We found that just setting the ExpandEntityReferences to false didn't address all our use cases. It seemed to addressed accessing a directory structure, but when accessing a specific file with a few lines, the contents was still expanded.<br /> <br />We have run initials tests and the results show that it is working as expected.<br /><br />We have supplied the bug and the fix to RestEasy and they are working on a long-term solution and should provide a patch soon <a href="https://issues.jboss.org/browse/RESTEASY-647">https://issues.jboss.org/browse/RESTEASY-647</a>. <br /><br /><span style="font-weight:bold;background-color:yellow">This issue isn’t specific to RestEasy or even Java, other parser/frameworks are vulnerable.</span><br /> <br />Please let me know if you have any questions…<br /> <br />Hope this helps - Thanks – Mark :-)<br /> <br /> <br /><span style="font-weight:bold;">Example Attack:</span><br /> <br /><span style="font-weight:bold;">REQUEST:</span><br />POST http://host/searchService HTTP/1.1<br /><?xml version="1.0" encoding="UTF-8" standalone="yes"?><span style="color:red;"><!DOCTYPE root [<!ENTITY xxe SYSTEM "file:///etc/passwd">]></span> <br /><search><user><span style="color:red;">&xxe;</span></user></search><br /> <br /><span style="font-weight:bold;">RESPONSE:</span><br /><?xml version="1.0" encoding="UTF-8" standalone="yes"?><ErrorMessage>Invalid Search Criteria for user: <br /><span style="color:red">LocalService:*:19:544:U-NT AUTHORITY\LocalService,S-1-5-19::<br />NetworkService:*:20:544:U-NT AUTHORITY\NetworkService,S-1-5-20::<br />Administrators:*:544:544:,S-1-5-32-544::</span><br /></ErrorMessage>Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com0tag:blogger.com,1999:blog-5150662899672838919.post-57048093207653642322009-10-23T14:24:00.000-07:002009-10-23T15:27:16.980-07:00Thread Contention introduced with multiple synchronization blocks on the same object, in the same method...I am currently working on a legacy project and wanted to communicate some of the findings/enhancements as I go along.<br /><br />I came across a method that incremented static fields to kept track of the number of requests and the thresholds used to send alerts about server utilization. This method had a number of synchronization blocks that used the static lock to manage access to the static variables. The method was basically in the following form:<br /><pre><br /> public void method() {<br /> DO_SOME_WORK THAT DOESN'T NEED TO BE SYNC'ED....<br /> synchronized (this.getClass()) {<br /> DO_SOME_CRITICAL_WORK....<br /> }<br /> DO_SOME_WORK THAT DOESN'T NEED TO BE SYNC'ED....<br /> synchronized (this.getClass()) {<br /> DO_SOME_OTHER_CRITICAL_WORK....<br /> }<br /> }<br /></pre><br />Looking at the code, a lock (monitor) is attained twice on the same object, which will cause contention as more threads stack up in the queue.<br /><br />I believe the implementation took to heart, keep the sync blocks as small as possible, but since the same monitor (lock) is being used in the same method, a large amount of contention was introduced.<br /><br />In a JVM, how threads handle wait/notifications is not mandated in the Java specification, so it is implementation specific and results may vary depending on the JVM you use.<br /><br />Through inspection, the Sun JVM seems to use a queuing metaphor to handle requests for monitor control. <br /><br />So basically, the flow with 3 thread could be as follows (again, the exact order can vary, but in general):<br />- Thread 1,2 & 3 request monitor control, respectively.<br />- Thread 1 gets the monitor while Thread 2 & 3 are queued.<br />- Thread 1 exists sync block 1 and releases control of the monitor.<br />- Thread 2 gets the monitor.<br />- Thread 1 hits sync block 2 , can't get control of the monitor and is queued.<br />- Thread 2 exists sync block 1 and releases control of the monitor.<br />- Thread 3 gets the monitor.<br />- Thread 2 hits sync block 2, can't get control of the monitor and is queued.<br />- Thread 3 exists sync block 1 and releases control of the monitor.<br />- Thread 1 gets the monitor.<br />- Thread 3 hits sync block 2, can't get control of the monitor and is queued.<br />- Thread 1 exists sync block 2 and releases control of the monitor.<br />- Thread 2 gets the monitor.<br />- Thread 2 exists sync block 2 and releases control of the monitor.<br />- Thread 3 gets the monitor.<br />- Thread 3 exists sync block 2 and releases control of the monitor.<br /><br />Below you will find, the actual load-tested output that depicts the choreography between the sync blocks with 20 concurrent requests and 50 concurrent requests<br /><br />Some of the requests finished faster than others, but as you can see some took quite a bit longer. I highlighted and labeled some of the threads that took a longer time for maximum affect.<br /><br />A better implementation would have you a single synchronized block to handle the critical areas of the methods or use an efficient monitoring tool to get the same statistics...<br /><br /><span style="font-style:italic;">DISCLAIMER: Yes, I know that adding the print statements exacerbated the time spent inside the sync block therefore making the times longer, but I am trying to convey what is going on inside the JVM, not the exact duration times inside the method. All instrumentation affects performance :-)</span><br /><br />Hope this helps - Thanks - Mark :-)<br /><br />_________________________________________________________________________________<br /><span style="font-weight:bold;">This is what happens when I sent 20 concurrent requests in...</span><br /><span style="color:red;">Sync 1 out - TP-Processor8 - Outside of Sync block 1 waiting to get the monitor</span><br />Sync 1 out - TP-Processor5<br />Sync 1 out - TP-Processor1<br />Sync 1 out - TP-Processor13<br />Sync 1 out - TP-Processor11<br />Sync 1 out - TP-Processor15<br />Sync 1 out - TP-Processor9<br />Sync 1 out - TP-Processor7<br />Sync 1 out - TP-Processor12<br />Sync 1 out - TP-Processor19<br />Sync 1 out - TP-Processor3<br />Sync 1 out - TP-Processor18<br />Sync 1 in - TP-Processor24<br />Sync 1 out - TP-Processor14<br />Sync 1 in - TP-Processor17<br />Sync 2 out - TP-Processor24<br />Sync 2 out - TP-Processor17<br />Sync 1 in - TP-Processor6<br />Sync 2 out - TP-Processor6<br />Sync 1 in - TP-Processor20<br />Sync 2 out - TP-Processor20<br />Sync 1 in - TP-Processor2<br />Sync 2 out - TP-Processor2<br />Sync 1 in - TP-Processor16<br />Sync 2 out - TP-Processor16<br />Sync 1 in - TP-Processor10<br />Sync 2 out - TP-Processor10<br /><span style="color:red;">Sync 1 in - TP-Processor8 - Inside Sync block 1 (has monitor)</span><br /><span style="color:red;">Sync 2 out - TP-Processor8 - Outside Sync block 2 waiting to get the monitor</span><br />Sync 1 in - TP-Processor5<br />Sync 2 out - TP-Processor5<br />Sync 1 in - TP-Processor1<br />Sync 2 out - TP-Processor1<br />Sync 1 in - TP-Processor13<br />Sync 2 out - TP-Processor13<br />Sync 1 in - TP-Processor11<br />Sync 2 out - TP-Processor11<br />Sync 1 in - TP-Processor15<br />Sync 2 out - TP-Processor15<br />Sync 1 in - TP-Processor9<br />Sync 2 out - TP-Processor9<br />Sync 1 in - TP-Processor7<br />Sync 2 out - TP-Processor7<br />Sync 1 in - TP-Processor12<br />Sync 2 out - TP-Processor12<br />Sync 1 in - TP-Processor19<br />Sync 2 out - TP-Processor19<br />Sync 1 in - TP-Processor3<br />Sync 2 out - TP-Processor3<br />Sync 1 in - TP-Processor18<br />Sync 2 out - TP-Processor18<br />Sync 1 in - TP-Processor14<br />Sync 2 out - TP-Processor14<br />Sync 2 in - TP-Processor24<br />Sync Complete - 389 - TP-Processor24<br />Sync 2 in - TP-Processor17<br />Sync Complete - 389 - TP-Processor17<br />Sync 2 in - TP-Processor6<br />Sync Complete - 405 - TP-Processor6<br />Sync 2 in - TP-Processor20<br />Sync Complete - 390 - TP-Processor20<br />Sync 2 in - TP-Processor2<br />Sync Complete - 390 - TP-Processor2<br />Sync 2 in - TP-Processor16<br />Sync 2 in - TP-Processor10<br />Sync Complete - 406 - TP-Processor10<br /><span style="color:red;">Sync 2 in - TP-Processor8 - Inside Sync block 2 (has monitor)</span><br />Sync Complete - 406 - TP-Processor16<br /><span style="color:red;">Sync Complete - 405 - TP-Processor8 - Finished method in 405 ms</span><br /><br />_________________________________________________________________________________<br /><span style="font-weight:bold;">This is what happens when I sent 50 concurrent requests in...</span><br /><span style="color:red;">Sync 1 out - TP-Processor5- Outside Sync block 1 waiting to get the monitor</span><br />Sync 2 out - TP-Processor38<br />Sync 1 in - TP-Processor28<br />Sync 1 out - TP-Processor46<br />Sync 2 out - TP-Processor28<br />Sync 1 in - TP-Processor44<br />Sync 2 out - TP-Processor44<br />Sync 1 in - TP-Processor34<br />Sync 2 out - TP-Processor34<br />Sync 1 in - TP-Processor20<br />Sync 2 out - TP-Processor20<br />Sync 1 in - TP-Processor10<br />Sync 2 out - TP-Processor10<br />Sync 1 in - TP-Processor2<br />Sync 2 out - TP-Processor2<br />Sync 1 in - TP-Processor35<br />Sync 2 out - TP-Processor35<br />Sync 1 in - TP-Processor42<br />Sync 2 out - TP-Processor42<br />Sync 1 in - TP-Processor1<br />Sync 2 out - TP-Processor1<br />Sync 1 in - TP-Processor40<br />Sync 2 out - TP-Processor40<br />Sync 1 in - TP-Processor36<br />Sync 2 out - TP-Processor36<br />Sync 1 in - TP-Processor16<br />Sync 2 out - TP-Processor16<br />Sync 1 in - TP-Processor14<br />Sync 2 out - TP-Processor14<br />Sync 1 in - TP-Processor26<br />Sync 2 out - TP-Processor26<br />Sync 2 in - TP-Processor31<br />Sync Complete - 726 - TP-Processor31<br />Sync 1 in - TP-Processor25<br />Sync 2 out - TP-Processor25<br />Sync 1 in - TP-Processor37<br />Sync 1 in - TP-Processor18<br />Sync 2 out - TP-Processor37<br />Sync 2 out - TP-Processor18<br />Sync 1 in - TP-Processor9<br />Sync 2 out - TP-Processor9<br />Sync 1 in - TP-Processor45<br />Sync 2 out - TP-Processor45<br />Sync 1 in - TP-Processor29<br />Sync 2 out - TP-Processor29<br />Sync 1 in - TP-Processor52<br />Sync 2 out - TP-Processor52<br />Sync 1 in - TP-Processor30<br />Sync 2 out - TP-Processor30<br />Sync 1 in - TP-Processor50<br />Sync 1 in - TP-Processor11<br />Sync 2 out - TP-Processor50<br />Sync 2 out - TP-Processor11<br />Sync 1 in - TP-Processor48<br />Sync 2 out - TP-Processor48<br />Sync 1 in - TP-Processor6<br />Sync 2 out - TP-Processor6<br />Sync 1 in - TP-Processor41<br />Sync 2 out - TP-Processor41<br />Sync 1 in - TP-Processor8<br />Sync 2 out - TP-Processor8<br />Sync 1 in - TP-Processor13<br />Sync 2 out - TP-Processor13<br />Sync 1 in - TP-Processor3<br />Sync 2 out - TP-Processor3<br />Sync 1 in - TP-Processor7<br />Sync 2 out - TP-Processor7<br />Sync 1 in - TP-Processor24<br />Sync 2 out - TP-Processor24<br />Sync 1 in - TP-Processor19<br />Sync 1 in - TP-Processor21<br />Sync 2 out - TP-Processor19<br />Sync 2 out - TP-Processor21<br />Sync 1 in - TP-Processor12<br />Sync 2 out - TP-Processor12<br />Sync 1 in - TP-Processor51<br />Sync 2 out - TP-Processor51<br />Sync 1 in - TP-Processor47<br />Sync 2 out - TP-Processor47<br />Sync 1 in - TP-Processor22<br />Sync 2 out - TP-Processor22<br />Sync 1 in - TP-Processor17<br />Sync 2 out - TP-Processor17<br />Sync 1 in - TP-Processor27<br />Sync 2 out - TP-Processor27<br />Sync 1 in - TP-Processor43<br />Sync 2 out - TP-Processor43<br />Sync 1 in - TP-Processor15<br />Sync 2 out - TP-Processor15<br />Sync 1 in - TP-Processor32<br />Sync 2 out - TP-Processor32<br />Sync 1 in - TP-Processor33<br />Sync 2 out - TP-Processor33<br />Sync 1 in - TP-Processor23<br />Sync 2 out - TP-Processor23<br />Sync 1 in - TP-Processor39<br />Sync 2 out - TP-Processor39<br /><span style="color:red;">Sync 1 in - TP-Processor5 - Inside Sync block 1 (has monitor)</span><br /><span style="color:red;">Sync 2 out - TP-Processor5 - Outside Sync block 2 waiting to get the monitor</span><br />Sync 2 in - TP-Processor38<br />Sync Complete - 947 - TP-Processor38<br />Sync 1 in - TP-Processor46<br />Sync 2 out - TP-Processor46<br />Sync 2 in - TP-Processor28<br />Sync Complete - 931 - TP-Processor28<br />Sync 2 in - TP-Processor44<br />Sync Complete - 916 - TP-Processor44<br />Sync 2 in - TP-Processor34<br />Sync Complete - 916 - TP-Processor34<br />Sync 2 in - TP-Processor20<br />Sync 2 in - TP-Processor10<br />Sync Complete - 900 - TP-Processor20<br />Sync Complete - 900 - TP-Processor10<br />Sync 2 in - TP-Processor2<br />Sync Complete - 899 - TP-Processor2<br />Sync 2 in - TP-Processor35<br />Sync Complete - 899 - TP-Processor35<br />Sync 2 in - TP-Processor42<br />Sync Complete - 899 - TP-Processor42<br />Sync 2 in - TP-Processor1<br />Sync 2 in - TP-Processor40<br />Sync Complete - 915 - TP-Processor1<br />Sync Complete - 915 - TP-Processor40<br />Sync 2 in - TP-Processor36<br />Sync Complete - 915 - TP-Processor36<br />Sync 2 in - TP-Processor16<br />Sync Complete - 915 - TP-Processor16<br />Sync 2 in - TP-Processor14<br />Sync Complete - 915 - TP-Processor14<br />Sync 2 in - TP-Processor26<br />Sync Complete - 931 - TP-Processor26<br />Sync 2 in - TP-Processor25<br />Sync Complete - 773 - TP-Processor25<br />Sync 2 in - TP-Processor37<br />Sync Complete - 758 - TP-Processor37<br />Sync 2 in - TP-Processor18<br />Sync Complete - 758 - TP-Processor18<br />Sync 2 in - TP-Processor9<br />Sync Complete - 774 - TP-Processor9<br />Sync 2 in - TP-Processor45<br />Sync 2 in - TP-Processor29<br />Sync Complete - 773 - TP-Processor45<br />Sync Complete - 773 - TP-Processor29<br />Sync 2 in - TP-Processor52<br />Sync Complete - 773 - TP-Processor52<br />Sync 2 in - TP-Processor30<br />Sync Complete - 789 - TP-Processor30<br />Sync 2 in - TP-Processor50<br />Sync Complete - 773 - TP-Processor50<br />Sync 2 in - TP-Processor11<br />Sync Complete - 773 - TP-Processor11<br />Sync 2 in - TP-Processor48<br />Sync Complete - 773 - TP-Processor48<br />Sync 2 in - TP-Processor6<br />Sync 2 in - TP-Processor41<br />Sync Complete - 789 - TP-Processor6<br />Sync Complete - 805 - TP-Processor41<br />Sync 2 in - TP-Processor8<br />Sync Complete - 789 - TP-Processor8<br />Sync 2 in - TP-Processor13<br />Sync Complete - 805 - TP-Processor13<br />Sync 2 in - TP-Processor3<br />Sync Complete - 805 - TP-Processor3<br />Sync 2 in - TP-Processor7<br />Sync Complete - 805 - TP-Processor7<br />Sync 2 in - TP-Processor24<br />Sync Complete - 805 - TP-Processor24<br />Sync 2 in - TP-Processor19<br />Sync Complete - 805 - TP-Processor19<br />Sync 2 in - TP-Processor21<br />Sync Complete - 805 - TP-Processor21<br />Sync 2 in - TP-Processor12<br />Sync Complete - 805 - TP-Processor12<br />Sync 2 in - TP-Processor51<br />Sync Complete - 821 - TP-Processor51<br />Sync 2 in - TP-Processor47<br />Sync Complete - 821 - TP-Processor47<br />Sync 2 in - TP-Processor22<br />Sync 2 in - TP-Processor17<br />Sync Complete - 805 - TP-Processor22<br />Sync Complete - 805 - TP-Processor17<br />Sync 2 in - TP-Processor27<br />Sync Complete - 821 - TP-Processor27<br />Sync 2 in - TP-Processor43<br />Sync Complete - 821 - TP-Processor43<br />Sync 2 in - TP-Processor15<br />Sync Complete - 821 - TP-Processor15<br />Sync 2 in - TP-Processor32<br />Sync 2 in - TP-Processor33<br />Sync Complete - 821 - TP-Processor32<br />Sync Complete - 2036 - TP-Processor33<br />Sync 2 in - TP-Processor23<br />Sync Complete - 2052 - TP-Processor23<br />Sync 2 in - TP-Processor39<br />Sync Complete - 2052 - TP-Processor39 <br /><span style="color:red;">Sync 2 in - TP-Processor5 - Inside Sync block 2 (has monitor)</span><br /><span style="color:red;">Sync Complete - 2067 - TP-Processor5 - Finished method in 2067 ms</span>Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com0tag:blogger.com,1999:blog-5150662899672838919.post-73710784590159698092009-02-19T14:42:00.000-08:002009-02-19T14:58:06.790-08:00Using 3rd Party Libraries (JAR) from within an EJB.jar file...Recently, people have been asking me how to include 3rd party libraries in the EAR file, so they don't have copy them to appServer/Domain lib director during deployment.<br /><br />One way of doing this is include JARs in your EAR and reference them from the Manifest of your EJB.jar file. The steps are as follows:<br /><ul><li>Put the 3rd party JAR files in your EAR content (at the top level)</li><li>Edit your EJBs Manifest and update the "Class-path:" attribute to have a space (" ") separated list of the JAR names</li><li>Deploy your EAR to your appServer</li></ul><br />The EAR should look like:<br />- EJB.jar<br />- 3rdpartyA.jar<br />- 3rdpartyB.jar<br /><br />The EJB.jar's Manifest should look like:<br />Manifest-Version: 1.0<br />Class-Path: 3rdpartyA.jar 3rdpartyB.jar<br /><br />Hope this helps - Thanks - Mark :-)Mark Baslerhttp://www.blogger.com/profile/15545815356447783397noreply@blogger.com0