1. Once an inventory item has been set up in QBO, you can __________________. A. adjust...
1. Once an inventory item has been set up in QBO, you can __________________.
A. adjust the inventory quantity and/or inventory value but only at the end of the fiscal year
B. only adjust the inventory value
C. only adjust the inventory quantity
D. adjust the inventory quantity and/or inventory value at any time
2. Deposits from non-customers ______________.
A. should be entered on a separate form from customer deposits
B. cannot be entered with customer deposits
C. should be entered In the Add other funds to this deposit section of the Deposit form
D. can only be entered using a journal entry form
3. Merging accounts_________________________.
A. is reversible if the account being merged has never been used
B. is irreversible
C. can be reversed by selecting unmerge accounts on the Chart of Accounts list
D. can be reversed by checking allow reversals on the Advanced tab of Account and Settings
4. The company purchased $15,000 of
equipment on January 1. The equipment has a three-year useful life
and a $600 salvage value. The company uses the straight-line method
of depreciation.
What is the balance in accumulated depreciation on March 31?
A. $5,000.00
B. $1,250.00
C. $600.00
D. $1,200.00
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1. Once an inventory item has been set up in QBO, you
can __________________.
A. adjust...
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5....
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5. Merging 6. Verify data 7. Inactive account I. Quantity 2. Inventory adjustment 3. Commented report 4. Transfer on hand Sales Tax Liability report 8. Number of inventory part items available at a point in time Transaction type used to record cash transfers between bank accounts Tool used to detect damage to a company's data file Tool used to transfer all activity from one ac...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
need help for solve multiple choice question... 1.The employee summary report option shows Select one: a....
need help for solve multiple choice question... 1.The employee summary report option shows Select one: a. earnings and deductions from a paycheque b. all information entered in employee records c. wage or salary amounts d. all year-to-date totals 2.In the process of correcting a wrong employee error all but one is used – Select one: a. prepare a new entry for the correct employee b. one should remember to recalculate the taxes c. open the adjust cheque window for the...
PLEASE help me with instruction A, B, C,D. if you can, you can do all al...
PLEASE help me with instruction A, B, C,D. if you can, you can
do all al them!
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable 22.400 Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100,000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15,000 15.000 12.120 90.000 53.130 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of...
can you please just do the T-Accounts Only Transactions for Blackberry Mountain Inc for the month...
can
you please just do the T-Accounts Only
Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An...
Overview: For Milestone One, which is due in Module Three, you will create adjusting entries for...
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will create adjusting entries for various situations, prepare
annual financial reports, calculate ratios, and develop a brief
report for management explaining accounting ratios and the effects
of interest rates on the future value of money. You will build on
this milestone in subsequent modules leading up to the final
project. Prompt: First, review the Final Project Scenario document
and the accompanying workbook. Using your review of the scenario,
develop...
Hi, finally got the first part, correct. If you can please please do the transaction list...
Hi, finally got the first part, correct. If you can please
please do the transaction list and the income statement. Should be
easier with the answers the the first to but im stuck.
I just need the transaction lists answered and the income
statement please.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is che company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 19, 200...
Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufactu
Step 1You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to manufacture the...
Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufactu
Step 1You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to manufacture the...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5. Merging 6. Verify data 7. Inactive account I. Quantity 2. Inventory adjustment 3. Commented report 4. Transfer on hand Sales Tax Liability report 8. Number of inventory part items available at a point in time Transaction type used to record cash transfers between bank accounts Tool used to detect damage to a company's data file Tool used to transfer all activity from one ac...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
PLEASE help me with instruction A, B, C,D. if you can, you can
do all al them!
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable 22.400 Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100,000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15,000 15.000 12.120 90.000 53.130 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of...
can
you please just do the T-Accounts Only
Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An...
Overview: For Milestone One, which is due in Module Three, you
will create adjusting entries for various situations, prepare
annual financial reports, calculate ratios, and develop a brief
report for management explaining accounting ratios and the effects
of interest rates on the future value of money. You will build on
this milestone in subsequent modules leading up to the final
project. Prompt: First, review the Final Project Scenario document
and the accompanying workbook. Using your review of the scenario,
develop...
Hi, finally got the first part, correct. If you can please
please do the transaction list and the income statement. Should be
easier with the answers the the first to but im stuck.
I just need the transaction lists answered and the income
statement please.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is che company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 19, 200...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
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