Software Comparison
Hardware/Software Setup Required
• Computer with a default software/hardware setup
• Peachtree Software
Problem Description
Research the Internet for an online accounting application that you can use to compare with the Peachtree Software application on your PC. You can use a search engine
to find and install free online accounting software. Some popular applications that are free to use include:
• Quickbooks Simple Start Free Edition
• Microsoft Office Accounting Express
• NolaPro Free Accounting
Procedure/Method
Using the Peachtree Software and the online application that you chose, enter the following transactions for Weak Coffee Company.
The transactions experienced in the year 2005 by Weak Coffee Company are:
1. The business was started when the owners contributed $6,000 in cash
2. For conducting services, Weak Coffee Company recognized $2,000 of revenue on account
3. Collected $1,500 cash from debtors
4. Paid $400 in cash for rent expense
5. Paid $300 in cash for salaries
6. On September 30, 2005, invested $2,500 in a certificate of deposit (term – 12 months, rate of interest – 8%)
Adjusting entries at the end of the 2005 accounting period
7. Accrued salary expense amounting to $1,200
8. Accrued interest revenue on the CD
Required:
a. Enter the preceding data in Peachtree and the online application. After making these entries, record the effects of each event on the accounting equation for the
2005 accounting period.
b. Prepare the income statement, the statement of changes in equity, the balance sheet, and the statement of cash flows for the 2005 fiscal year.
Deliverables and format
Write a 200 word paper, indicating the differences you found in using a PC application and an online application. Discuss data entry, compare the reports that are
produced, and indicate your preference.
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