Question 5 To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 2 reasons could be causing this balance? An opening balance was entered when setting up sales tax An opening balance was entered when creating a new Other Current Asset account A reconciliation adjustment was posted when completing a bank reconciliation Transactions in the Banking Center were added without assigning an account to them An opening balance was entered when an inventory item was created

Question 5 To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 2 reasons could be causing this balance? An opening balance was entered when setting up sales tax An opening balance was entered when creating a new Other Current Asset account A reconciliation adjustment was posted when completing a bank reconciliation Transactions in the Banking Center were added without assigning an account to them An opening balance was entered when an inventory item was created

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance sheets at the end of each of the first two years of operations indicate the following: 2011 $560,000 40,000 700,000 65,000 250,000 100,000 600,000 75,000 210,000 2012 $600,000 Total current assets Total investments 60,000 900,000 125,000 350,000 100,000 600,000 75,000 310,000 Total property, plant, and equipment Total current liabilities Total long-term liabilities Preferred 9% stock, $100 par Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings If net income is $115,000 and interest expense is $30,000 for 2012 what is the rate earned on total assets for 2012 (round percent to one decimal point)? 9.3% 2. a. b. 10.1% 8.0% c. d. 7.4% LO: 17-03 OBJ: Moderate DIF: ANS: B PTS: 1 Bloom's: Knowledge KEY: NAT: BUSPROG: Analytic
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
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.
multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receipts
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Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank recor no entry Is requlred for a transactlon/event, select "No Journal Entry Requlred" In the first account fleld.) BANK STATEMENT
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Subject - account Please help me . Thankyou.
Please answer required a,b