The student uses realistic documents!
For Students:
Wasatch Outerwear is a wholesale distributor of outdoor clothing and equipment for campers, hikers, and outdoor enthusiasts in general. The company owner is Mark Hansen. Mark is not paid a salary, but normally is paid a monthly owner’s distribution check. Wasatch’s customers are primarily retail specialty stores who have been granted payment terms, typically 2/10, N30.
As the company accountant, you report directly to Mark Hansen. He will occasionally send you memos informing you of transactions he has made. It will be your responsibility to accurately record these in QuickBooks, along with all the other normal accounting transactions occurring in each month.
As the company accountant, you receive all the original financial documents, and are responsible to properly and accurately interpret and record them.
For Teachers:
Instructors will note that as the company matures, the case progression includes additions to the chart of accounts as the owner realizes the need to more-accurately track some transactions, the acquisition of fixed assets, notes payable, mortgage payable, software amortization, the use of a bank line of credit, and the accounting transactions to record and serve the aforementioned events.
Wasatch Outerwear is an ideal case for your accounting capstone course. Students will produce 7 months of historical finance data that can be used to develop managerial information, charts, graphs, exports to Excel, etc., permitting the instructor to cover the scope of their accounting program.
“Wasatch Outerwear” is an accounting case designed for the more experienced accounting student with prior QuickBooks training, and is ideal for your capstone course. The student is presented with increasingly demanding and complex tasks as the case progresses through seven full months of original document records for Wasatch Outerwear Inc., a wholesale distributor of outdoor clothing and equipment.