Business: Fluffy Kitty supplier and more Part B: (5 Points) Configure and set up a chart of accounts: -Create accounts for the Balance sheet according to your business. For example, Equity, current assets,Fixed assets, and Depreciation. Create Accounts of income statements according to your business. Forexample, Sales, cost of goods, Expenses. In addition to an account with at least 2 sub-accounts. Set upnew customers and vendors list (Minimum 3 customers and 3 vendors). Add open Balance for at leastone customer and one vender. Part D: (5 points) Create transactions: Create products and service list.Create Estimate invoice customer (Minimum 7 Estimate invoices). Create an invoice for the customer (Minimum 7 invoices). Create sale receipts (minimum 7 sale receipts) Create Bills for vendors (minimum 7 Bills). - Receive payment from customers at least 7 customers. Included in the report:Company description, company Business overview (screenshot), Chart of Accounts, Balance sheet, andincome statement reports. List of vendors and list of customers and one of your invoices.

Here's a step-by-step guide to set up the chart of accounts, customers, vendors, and transactions…

Answered: Business: Fluffy Kitty supplier and…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.1KTQ: Read each definition below and write the number of the definition in the blank beside the...

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Why is it vital for a business to have a complete and accurate chart of accounts? Select an answer: so income and expense items can be posted to the business's balance sheet so the default feature in QuickBooks can alphabetize by categories and subcategories so receipts and payments can be applied to the appropriate categories and subcategories
Question information and the question are located in the images attached. Thank you.
Refer to the accounting information for Bonnie's Batting Cages (page 2 onwards) ASSETS 1. Using the T-accounts template (see attachment from folder), set up the T-accounts with the balances from the Balance Sheet below. 2. Input the transactions below into each account. *** (Use a transaction reference number as a note) 3. Calculate the balance of each account at the end of the April transactions. Use the function feature of your spreadsheet. 4. Create a trial balance to make sure your debits = credits. Use the template provided in the 2nd tab in the spreadsheet. 5. Create a new Balance Sheet dated April 30, 2023. Use the template provided in the 3rd tab in the spreadsheet. Assets T_accounts Assets Account Bank Bonnie's Batting Cages and Softball Services BALANCE SHEET March 31, 2023 Accounts Receivable - Infield Flyers Remdal Red Sox Supplies Equipment Total Assets $ 56 450 3.300 1500 13 500 52 000 $126 750 T_accounts Trial Balance Liabilities Accounts Payable -Cannon Sports Trial…
Review accounting terms by completing the following crossword puzzle. Across: Down: 5. Copy data from the journal to the ledger 7. Book of accounts 1. Amount collectible from a customer 2. Statement of financial position 3. An economic resource 4. Record of transactions 8. List of accounts with their balances 10. Revenue-net income 11. Records an increase in a liability 12. Left side of an account 6. "bottom line" of an income statement 9. Another word for liability 2B A 1R 4 J 6N N O AO A B |니 10 E X PENSE T 18 9 M E 12 AS SE T B 11
action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…
For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
Topic: Accounts, Debits and Credits 1. Analyze in detail: Introduction to the study of financial statements and their main classifications of accounts: assets, debits, equity, income and expenses, as well as a review of the accounting cicle for this task. Instructions: 2. Prepare a description, compare, and contrast of accounts, debits, and credits and how they are used to record business transactions.*ImportantPlease contribute a minimum of 300 words. It must include at least 2 academic sources, formats and must be cited in accordance with current APA regulations.
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroads accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.
GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.
Create 4 different chart Record the entry to close revenue accounts, expensive accounts, income summary account, withdrawal account.

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