Giorgio is in the Sales by Customer Detail report. He wants to see the line items for Jones Company's transactions for the previous month in date order. How should Giorgio proceed? Select an answer: Go to Sort and then select Num. Go to Display columns by and then select Month. Go to Sort and then select Trans.
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Giorgio is in the Sales by Customer Detail report. He wants to see the line items for Jones Company's transactions for the previous month in date order. How should Giorgio proceed?
Select an answer:
-
Go to Sort and then select Num.
-
Go to Display columns by and then select Month.
-
Go to Sort and then select Trans.
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- 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.Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April. Identify the journal in which each transaction should be recorded. ***Questions in Image Below**** (pick 1 from the 4 options for each problem)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. Receipt
- Which of the following will be the Correct source document assuming that your business issued invoices to customers each day? a. Debit note b. Receipt c. Purchase invoice d. Sales invoiceRaymond Autobody Shop has the following accounts: A (Click the icon to view the accounts.) 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. (Use the first available line under each section, Asset, Liabilities, etc., when selecting the accounts. If a box is not used, leave the box empty; do not select any labels.) Balance Sheet Accounts - X More info Assets Liabilities Equity Accounts Payable Service Revenue Cash Equipment Utilities Expense Common Stock Automotive Supplies Advertising Expense Income Statement Accounts Dividends Unearned Revenue (Part of Equity) Retained Earnings Revenues Expenses Print Done1. 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…
- 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.You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.In the Payments Journal window, invoices being paid will display the: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to sele a b с d Number of items sold on the invoice. The transaction due date. Credit terms. All of the above.
- Answer True or False to each of the following. 1. To add a customer you click on the Task menu. True/False 2. A list of all the accounts used by a company showing the assigned numbers to each account is called Chart of Accounts. True/False 3. Reports can only be generated for final accounts when using an accounting software package. True/False 4. Under the File Menu, more than one company can be viewed at a time. True/False 5. To add a vendor click on Maintain, add vendor. True/False Answer True or False to each of the following. 1. A quote can be converted to a sales invoice 2. Most companies use batch posting instead of real-time posting for transactions 3. The Peachtree system can use both the accrual basis and cash basis to record transactions of accounting 4. To set up a new company, you would select the maintain option on the menu bar 5. Accounts descriptions cannot be changed once they have been savedSelect the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…In June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…