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2. You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Student Company Balance Sheet As of January 31, 20x1 Total ASSETS 100 Checking 120 Accounts Recelvable 130 Inventory Asset 135 Prepaid insurance 150 Undeposited funds Total Current Assets 7,000.00 950.00 4,425.00 1,200.00 500.00 $ 14,075.00 Fixed Assets 180 Computer Equlpment 189 Accumulated Depreciation Total Fixed Assets TOTAL ASSETS 5,000.00 -100.00 $ 4,900.00 $ 18,975.00

2. You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Student Company Balance Sheet As of January 31, 20x1 Total ASSETS 100 Checking 120 Accounts Recelvable 130 Inventory Asset 135 Prepaid insurance 150 Undeposited funds Total Current Assets 7,000.00 950.00 4,425.00 1,200.00 500.00 $ 14,075.00 Fixed Assets 180 Computer Equlpment 189 Accumulated Depreciation Total Fixed Assets TOTAL ASSETS 5,000.00 -100.00 $ 4,900.00 $ 18,975.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Student Company Balance Sheet As of January 31, 20x1 Total ASSETS 100 Checking 120 Accounts Recelvable 130 Inventory Asset 135 Prepaid Insurance 150 Undeposited funds 7,000.00 950.00 4,425.00 1,200.00 500.00 $ 14,075.00 Total Current Assets Fixed Assets 5,000.00 -100.00 $ 4,900.00 $ 18,975.00 180 Computer Equipment 189 Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Figure 3- Partial balance sheet eCambridge Business Publishers, 2021 Find and Fix - 3 Computerized Accounting with QuickBooks Oniline 2020 Update
Transcribed Image Text:2. You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Student Company Balance Sheet As of January 31, 20x1 Total ASSETS 100 Checking 120 Accounts Recelvable 130 Inventory Asset 135 Prepaid Insurance 150 Undeposited funds 7,000.00 950.00 4,425.00 1,200.00 500.00 $ 14,075.00 Total Current Assets Fixed Assets 5,000.00 -100.00 $ 4,900.00 $ 18,975.00 180 Computer Equipment 189 Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Figure 3- Partial balance sheet eCambridge Business Publishers, 2021 Find and Fix - 3 Computerized Accounting with QuickBooks Oniline 2020 Update
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