You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Teacher feedback: Look at the scenario again, is there something within QBO that perhaps the accountant thought they did but really didn't. Ask your self if the person said all the checks were taken to the bank, why are there undeposited funds? How do you fix that?
You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the bank and deposited them with the bank. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low? Teacher feedback: Look at the scenario again, is there something within QBO that perhaps the accountant thought they did but really didn't. Ask your self if the person said all the checks were taken to the bank, why are there undeposited funds? How do you fix that?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
You are reviewing the account balances on the
Teacher feedback: Look at the scenario again, is there something within QBO that perhaps the accountant thought they did but really didn't. Ask your self if the person said all the checks were taken to the bank, why are there undeposited funds? How do you fix that?
Transcribed Image Text:Student Company
Balance Sheet
As of January 31, 20x1
Total
ASSETS
100 Checking
7,000.00
950.00
120 Accounts Receivable
130 Inventory Asset
135 Prepaid Insurance
150 Undeposited funds
4,425.00
1,200.00
500.00
Total Current Assets
$ 14,075.00
Fixed Assets
180 Computer Equipment
189 Accumulated Depreciation
5,000.00
-100.00
$ 4,900.00
$ 18,975.00
Total Fixed Assets
TOTAL ASSETS
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