cancel
Showing results for 
Search instead for 
Did you mean: 
BelGarion
Level 1

Student with a question about the Profit & Loss Statement

Hello! I am a student who is currently taking classes to learn Quickbooks. The teacher said he had to think about this so... Not a good sign. Anyway...

 

So the teacher gave us a packet for a fictitious company named Fitness Junction. First we took the Automated Accounting file, which had everything set up, the chart of accounts, vendors, customers, etc and we put in the transactions, for December, we was given. Unadjusted trial balance sheets printed out for the 10th, 17th, 31rst , worksheet created, adjustments, adjusted trial balance, balance sheet, and income statement, and the closing work plus closing trial balance and income statement. All good with a few mistakes. Then we was told to create the company in Quickbooks, create the chart of accounts, add vendors, customers, etc but no inventory (He had us use 'non inventory part' ) and redo the assignment in Quickbooks. So, the unadjusted trial balance on the 10th, 17th, and 31rst, with a mistake or two that got fixed, was good, matched the AA printouts. adjustments done in Make General Journal Entries, making sure "Adjusting Entry" was check marked. The adjusted trial balance and balance sheets good, match the AA printouts, the Profit & Loss, on the other hand, a complete train wreck. It is not matching the Income Statement from AA nor my worksheet. Gone over the adjusted trial balance and balance sheets and the figures all match my worksheet and the AA printouts, and if you search for Income Statement in Quickbooks it points you to the Profit & Loss. So I don't know and, apparently, nor does the teacher. I'm the only one doing this at this point so I can't even compare with my fellow students. What is going on? 

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up