ACC 250 - Arizona State University
Customized Directions for PASS 1-e

Completion of PASS activities is essential for mastery of course material and for success on course exams. Review the course syllabus for course grade policies. Work may not be submitted for feedback after the module dues date.

Try this problem for practice. Feedback is usually available within 24 hours of your submission.

Follow the steps below to complete PASS 1-e using Power Accounting System Software (PASS). To print these instructions, select Print from the File menu, or adjust the size of the window and keep it open while you work!

Entering Transactions

Submit File for Feedback

Loading the Problem:

Download PASS 1-e Beginning Data file from Blackboard. Save the file on your desktop or directory of your choice.

Your ASURITE ID will be added to the front of the filename automatically.

Launch the PASS software. Click on the Open toolbar button. When the Open window appears, navigate to, select the file ASURiteID-PASS 1-e.ia4 and click on the Open button.
Note: If you have file extensions turned off you may not see the .ia4.

To display file extensions - MS WINDOWS HELP

Click Start, and then click Control Panel.

Double-click Folder Options.

On the View tab, clear (un-check) the Hide file extensions for known file types check box.

Click OK

Enter your ASURite ID in the User Name box and click on the OK button.
Please make sure you enter the correct ASURite ID in order to get credit for your work.
Click on the Save or Save As toolbar button.

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Entering Transactions:

Click on the Drills toolbar button and select the Accounting Equation tab and enter the transactions for Eureka Dry Cleaners, June, 2006 into the Accounting Equation. Use the Tab key or click on the appropriate account column and key the amount for each entry. After each transaction is keyed, click on the OK button.

IMPORTANT TIPS:

You do not need to enter the opening balances. The software already has those on file. Expenses are subtracted from Equity by the software; you do not need to enter a negative sign, you will be out of balance if you do!).
Be sure to use the revenue and expense accounts that are provided as shown in the mini-lecture (rather than entering income Statement items directly into retained earnings), so the PASS system can calculate your Net Income!
Enter each transaction on a separate line - just as you would in your paper spreadsheet! Let the computer do the math for you!

Eureka Dry Cleaners is owned and operated by Vince Fry. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and capital stock of the business on June 1, 2006, are as follows: Cash, $8,600; Accounts Receivable, $9,500; Supplies, $1,875; Land, $15,000; Accounts Payable, $4,100; Capital Stock, $5,000. (remember - you don't need to enter the opening balances) Business transactions during June are summarized as follows:

a. Paid rent for the month, $4,000.

b. Charged customers for dry cleaning sales on account, $8,150.

c. Paid creditors on account, $2,680.

d. Purchased supplies on account, $1,500.

e. Received cash from cash customers for dry cleaning sales, $17,600.

f. Received cash from customers on account, $8,450.

g. Received monthly invoice for dry cleaning expense for June (to be paid on July 10), $7,400.

h. Paid the following: wages expense, $2,800; truck expense, $825; utilities expense, $710; miscellaneous expense, $390.

i. Determined that the cost of supplies on hand was $1,600; therefore, the cost of supplies used during the month was $1,775.

j. Paid dividends of $3,500.

Click on the Report button in the Accounting Equation window to display the accounting equation report. Verify that the accounting equation is in balance. To print the report, click on the Print button.
Make corrections to the transactions, if necessary. In the Accounting Equation window, click on the entry to correct, then key the corrections to the transaction and click on the OK button.
Display the income statement, balance sheet, and retained earnings statement. Click on the Reports toolbar button (along the top of the screen). Click on Financial Statements and, one at a time, select Income Statement, Balance Sheet, and Retained Earnings Statement to choose the reports to display. To print each report, click on the Print button. Check Figure: Net Income = $7,850
Click on the Save toolbar button to save your data file to your computer.

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Submit File for Feedback:

Return to the course web page for this module on Blackboard and click on the PASS 1-e link. Click on the button next to the assignment .
Use the Browse Button to select the assignment you wish to upload. Click the Upload button.
You will receive a confirmation screen indicating that your upload was successful. This is your receipt. Please print it for your records.
Feedback on the first PASS activity for each module will be usually be available within 24hours of your submission. Click the GRADE CHECK link on Blackboard for Assignment Status.

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