Required: 1. On the Chart of Accounts, why are the account type and detail type selections important? 2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account type, detail type, account number, and corresponding financial statement for each account.
Required: 1. On the Chart of Accounts, why are the account type and detail type selections important? 2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account type, detail type, account number, and corresponding financial statement for each account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![!
Required information
[The following information applies to the questions displayed below.]
Start your QuickBooks Online company. Complete all the hands-on work, step-by-step activities presented on pages 53-
94, and Exercises 2-1, 2-2 and 2-3 on pages 94-96. To answer the questions below, use the information in QuickBooks
from your Chapter 2 work.
Required:
1. On the Chart of Accounts, why are the account type and detail type selections important?
2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for
account type, detail type, account number, and corresponding financial statement for each account.
Complete this question by entering your answers in the tabs below.
Required A
Required B
To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account number, and
corresponding financial statement for each account.
Account
Accounts Payable (A/P)
Checking
Depreciation Expense
Account Type
Detail Type
< Required A
Required B >
Account
Number
Financial Statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa86a1035-1347-4c62-9c6e-1963efc8bcf3%2F94b40ea8-499c-4db7-bbaf-5cfe4e2020ac%2Ft0crs9j_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Start your QuickBooks Online company. Complete all the hands-on work, step-by-step activities presented on pages 53-
94, and Exercises 2-1, 2-2 and 2-3 on pages 94-96. To answer the questions below, use the information in QuickBooks
from your Chapter 2 work.
Required:
1. On the Chart of Accounts, why are the account type and detail type selections important?
2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for
account type, detail type, account number, and corresponding financial statement for each account.
Complete this question by entering your answers in the tabs below.
Required A
Required B
To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account number, and
corresponding financial statement for each account.
Account
Accounts Payable (A/P)
Checking
Depreciation Expense
Account Type
Detail Type
< Required A
Required B >
Account
Number
Financial Statement
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