In QBO, what is the difference between a Bill form and an Expense form? A Bill form records a service the company has...
In QBO, what is the difference between a Bill form and an Expense form?
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A Bill form records a service the company has received and has an obligation to pay the vendor later. An Expense form selects the bills a company wants to pay.
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A Bill form records when the vendor gives the company a refund or reduction in its bill. An Expense tracks the products ordered from the vendor.
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A Bill form records expenses paid for at the time the product or service is received via paying cash, check or credit card. An Expense form records services the company has received and has an obligation to pay the vendor later.
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A Bill form records a service the company has received and has an obligation to pay the vendor later. An Expense form records expenses paid for at the time the product or service is received via paying cash, check or credit card.
Homework Answers
A Bill form records a service the company has received and has an obligation to pay the vendor later. An Expense form records expenses paid for at the time the product or service is received via paying cash, check or credit card.
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In QBO, what is the difference between a Bill form and an Expense form? A Bill form records a service the company has...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
In QBO, what situations cause the company to use the Bank Deposit form? Multiple Choice Money coming in is not related to customer sales. Money coming in is related to customer sales. All money coming...
In QBO, what situations cause the company to use the Bank Deposit form? Multiple Choice Money coming in is not related to customer sales. Money coming in is related to customer sales. All money coming into the company. Cash received from customers that purchased on credit (accounts receivable receipts).
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) One of the objectives of the bank reconciliation is: A) Pay bills 1) B) Insure the debits equal credits D) None of the choices are correct C) Detect errors 2) When reconciling the bank statement using QuickBooks: A) All deposits listed on the bank statement are selected as cleared in the Reconcile window 2) B) Interest earned is subtracted C) Service charges are added...
Service Company Insight American Express That Letter from credit card account? American Express decided to offer...
Service Company Insight American Express That Letter from credit card account? American Express decided to offer AmEx Might Not some of its customers $300 if they would give back their Be a Bill credit card. You could receive the $300 even if you hadn't No doubt every one of paid off your balance yet, as long as you agreed to give up you has received an invis your credit card. tation from a credit card Source Aparajita Saha-Bubna and Lauren...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies on account $ 700 Oct 6 Bought furniture on account for $2 500 Oct 8 Provided services and billed customer $ 7,400 Oct 11 Paid six months insurance in advance rent for month $4800 Oct 14 Owner paid his personal utility bill of $ 405 with company's check Oct 16 Received electricity bill for $ 670 but still unpaid Oct 17 Paid S 1,200...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
Please use the following account names for this homework: Assets: Cash Accounts Receivable Equipment  
Please use the following account names for this homework: Assets: Cash Accounts Receivable Equipment Vehicles Supplies Liabilities: Accounts Payable Unearned Revenue Dividends Payable Equity: Common Stock Additional Paid-in Capital Service Revenue Telephone Expense Utility Expense Wages Expense Retained Earnings PLEASE NOTE: YOU ALREADY DID THE FIRST 8 TRANSACTIONS IN THE PREVIOUS HOMEWORK. THIS IS JUST A CONTINUATION OF THE PREVIOUS HOMEWORK ASSIGNMENT. Part A: Please analyze the following transactions (Figure out the increases and decreases in assets, liabilities, and...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019....
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,550 to pay the September rent. 5 Performed services for $2,650 in cash. 6 Performed services for $1,500 on credit. 10 Paid $630 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1....
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,600 to pay the September rent. 5 Performed services for $2,700 in cash. 6 Performed services for $1,550 on credit. 10 Paid $640 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
Journalize the following business transactions in general journal form. Identify each transaction by letter. Be sure...
Journalize the following business transactions in general journal form. Identify each transaction by letter. Be sure to show ALL work! The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased $500 of supplies on credit. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable. Real estate commissions billed to clients amount to $4,000. Paid $800 in cash for the current month’s rent. Paid $200...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) One of the objectives of the bank reconciliation is: A) Pay bills 1) B) Insure the debits equal credits D) None of the choices are correct C) Detect errors 2) When reconciling the bank statement using QuickBooks: A) All deposits listed on the bank statement are selected as cleared in the Reconcile window 2) B) Interest earned is subtracted C) Service charges are added...
Service Company Insight American Express That Letter from credit card account? American Express decided to offer AmEx Might Not some of its customers $300 if they would give back their Be a Bill credit card. You could receive the $300 even if you hadn't No doubt every one of paid off your balance yet, as long as you agreed to give up you has received an invis your credit card. tation from a credit card Source Aparajita Saha-Bubna and Lauren...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies on account $ 700 Oct 6 Bought furniture on account for $2 500 Oct 8 Provided services and billed customer $ 7,400 Oct 11 Paid six months insurance in advance rent for month $4800 Oct 14 Owner paid his personal utility bill of $ 405 with company's check Oct 16 Received electricity bill for $ 670 but still unpaid Oct 17 Paid S 1,200...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,600 to pay the September rent. 5 Performed services for $2,700 in cash. 6 Performed services for $1,550 on credit. 10 Paid $640 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
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