6. Before closing the books for a fiscal period, you should print a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting c. all the reports in the financials section of the reports menu d. all of the management reports for the business
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- 1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale 4. What is an historical transaction? A. A transaction that occurred before the start date of the company B. A transaction that appears in the company file by default in QuickBooks…Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
- Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
- JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350Required: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.
- A company delivers inventory to a customer who will pay for it next month. In which of the following Balance Sheet accounts should the company record the amount it is owed by the customer?Which of the following will be the Correct source document assuming that your business received invoices from various suppliers each day? a. Credit note b. Purchase invoice c. Sales invoice d. ReceiptSterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $3,080. 5. Purchased office equipment on account from Peach Computers Co., $4,430. 9. Purchased office supplies on account from Executive Office Supply Co., $320. 13. Purchased field supplies on account from Yamura Co., $3,510. 14. Purchased field supplies on account from Omni Co., $460. 17. Purchased field supplies on account from Yamura Co., $8,350. 24. Purchased field supplies on account from Omni Co., $2,350. 29. Purchased office supplies on account from Executive Office Supply Co., $210. 31. Purchased field supplies on account from Omni Co., $3,080. Note: Posting references have been provided.