Chapter 7 Quickbooks Connect exercises PDF

Preview

Summary

Download Chapter 7 Quickbooks Connect exercises PDF

Description

Chapter 7 Quickbooks Connect Exercises 1) When QBO_Student Name journalizes an entry related to depreciation, the account Depreciation expense is debited. 2) In QBO, how are adjusting entries recorded? Select the "Plus" icon and click on Journal Entry. 3) Which report shows transactions subtotaled by each account? Transaction Detail by Account. 4) A company that uses quarterly accounting periods pays $6,000 for six months of prepaid rent on October 1. What is the December 31 adjusting entry? 5) Debit rent & lease $3000; Credit prepaid rent $3,000. 6) A company that uses quarterly accounting periods pays $15,000 for twelve months of prepaid insurance on October 1. What is the December 31 adjusting entry? Debit insurance expense ($3,750); Credit prepaid insurance ($3,750). 7) To print the December 31, 20XX Journal, from the Navigation bar, click on REPORTS , then type JOURNAL and select in the search field, and in the Date fields type 12/31/20XX 8) On October 1, a company that uses a monthly accounting period purchases computer equipment for $13,000 with a five year service life and a $1,000 salvage value. What is the December 31 adjusting entry for depreciation? Debit depreciation expense, $200; Credit accumulated depreciation, $200. 9) A company that uses monthly accounting periods pays $6,000 for six months of prepaid rent on October 1. What is the December 31 adjusting entry? Debit rent & lease $1,000, Credit prepaid rent $1,000 10) When QBO_Student Name journalizes an entry related to prepaid insurance, the account insurance expense is debited 11) The December 31, 20XX Journal displays the adjusting journal entries, the bank statement charge, and the sales payments. Service; tax 12) The following accounts are included on a Profit and Loss: Telephone Expense, Sales, Advertising Expense, Bank Charges. 13) When QBO_Student Name journalizes an entry related to prepaid rent, the account Rent and lease is debited 14) A company that uses monthly accounting periods pays $15,000 for twelve months of prepaid rent on October 1. What is the December 31 adjusting entry? Debit insurance expense, $1,250; Credit prepaid insurance, $1,250 15) The accounts included in the operating activities section of the Statement of Cash Flows: Loan Payable; Accounts Receivable; Prepaid Rent 16) Which reports may be customized? Vendor Balance Summary, Customer Balance Summary, Profit & Loss, Balance Sheet 17) The accounts included in the operating activities section of the Statement of Cash Flows: Prepaid Rent, Loan Payable, Accounts Receivable 18) The following accounts are included on a Profit and Loss: Bank Charges, Telephone Expense, Advertising Expense, Sales. 19) To customize a report: From the Navigation bar, select Reports, type the desired report in the Search field, click on Customize and make the preferred selections....