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…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 3.4C

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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.
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.
Studypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose? a.Balance sheet b.General ledger c.Trial balance d.Chart of accounts
Creating a chart of accounts Raymond Autobody Shop has the following accounts: Accounts Payable Service Revenue Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.
explan ans
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
Enter the number for the item that best completes each of the descriptions below. 1. Chart 2. General ledger 3. Journal 4. Account 5. Source document a. A(n) of accounts is a list of all accounts a company uses, not including account balances. b. The is a record containing all accounts used by a company, including account balances. c. A(n) describes transactions entering an accounting system, such as a purchase order. d. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) . e. A(n) has a complete record of every transaction recorded.

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