Nithya is setting up QuickBooks Online for the first time. When would she enter an opening balance? Select an answer: when a customer has a balance in her previous accounting system when she wants to reflect that a new customer has a zero beginning balance when she is entering information for any new customer
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Nithya is setting up QuickBooks Online for the first time. When would she enter an opening balance?
Select an answer:
-
when a customer has a balance in her previous accounting system
-
when she wants to reflect that a new customer has a zero beginning balance
-
when she is entering information for any new customer
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- please answer it with a solution. REQUIRED: COMPUTE THE NET ADJUSTMENT TO HOME OFFICE ACCOUNTClient portals will allow a client to see basically all of the information regarding his/her account as of the day before. True FalseWhich 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 invoice
- If you were starting a business next month, what are some of the accounts you would establish up front to manage the business? Knowing that the chart of accounts can change, how often would you review your chart of accounts to potentially identify changes? When reviewing the chart of accounts, what personnel should be including in the review and the decision to make changes?What Would You Say? You are the new bookkeeper for a small business. The bookkeeper whose job you are taking is training you on the businesss manual system. As he journalizes, he writes the account number in the Post. Ref. column because he believes its easier. His thinking is that, when he posts, he wont be bothered writing the account numbers. How would you explain why he should not write the account number in the Post. Ref. column immediately and instead should enter the account number after he has posted the amount to the ledger?As a bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues and expenses. In July, the accounts payable clerk has asked you to open an account named “New Expenses”. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk need this “New Expenses” account? Who needs to know this information and what action should you consider?
- Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account. Required: 1. For each source information shown below, prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase order dated October 13 for massage chairs costing $840 and oil supplies costing $315. b. Remittance advice from customer for $108, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1,155. d. NGS check for payment in full of October 13 order.As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable clerk has asked you to open an account named New Expenses. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk needs this New Expenses account? Who needs to know this information and what action should you consider?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
- Make first a proper Chart of Accounts. Then make a proper Trial Balance from the following accounts and balances listed in alphabetical order for MN Company for August 31 of the current year. Put them in the correct order along with their debit and credit balances on your Trial Balance. Total the DR and CR column and make sure they balance. Make sure you have a heading. We will work on this in class. Upload here on D2L if you are not yet finished in class. Accounts Payable $2300, Accounts Receivable $1200, Accumulated Depreciation-Equipment $800, Advertising Expense $200, Cash $3400, Equipment $12,500, Furniture and Fixtures $6700, MN, Capital, $6500, MN, Drawing $500, Notes Payable $8000, Prepaid Insurance $1200, Professional Fees $10,000, Rent Expense $500, Supplies $100, Utilities Expense $300, Wages Expense $1000.Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit CashDo a JOURNAL ENTRY. Make sure they BALANCE Debit = Credit. Write it on word or excel. Thanks. please journalise all related transaction which is required for entry