Quickbooks chap 7 Sb

On the Balance Sheet, Total ___________ equals total _______ _______ _____

assets liabilities and equity

A company records adjusting entries based on a monthly accounting period. On December 1, the company pays $3,000 for three months of prepaid rent. On December 31, a journal entry is recorded to adjust the:

prepaid expense

1. Accounts Receivable 2. Arizona Department of Revenue Payable 3. Merchandise Inventory 4. Accumulated Depreciation

1. Accounts Receivable (A/R) 2. Other Current Liability 3. Equity 4. Other Current Asset 5. Fixed Assets

1.Checking 2.Prepaid Insurance 3.Computer Equipment 4.Loan Payable 5.Common Stock

1.Bank 2.Other Current Asset 3.Fixed Asset 4.Other Current Liability 5.Equity

A company that uses monthly accounting periods pays $6,000 for six months of prepaid rent on October 1. What is the December 31 adjusting entry?

A company that uses monthly accounting periods pays $6,000 for six months of prepaid rent on October 1. What is the December 31 adjusting entry? Reason: A company that uses monthly accounting periods will record an adjusting entry at the end of each month. In this case, an adjusting entry for October 31 ($1,000), an adjusting entry for November 30 ($1,000), and an adjusting entry for December 31 ($1,000).

Which report categorizes amounts owed by customers by number of days outstanding?

Accounts Receivable Aging Summary

When Student Name Sales and Service journalizes an entry related to depreciation, the account _______ _______is credited.

Blank 1: Accumulated Blank 2: Depreciation

The three account types, in order of presentation, included on the Profit and Loss are _____ ,______, and_______.

Blank 1: Income Blank 2: Cost of Goods Sold Blank 3: Expenses or Expense

When Student Name Sales and Service journalizes an entry related to prepaid rent, the account ____________ _______________ ___________ is debited.

Blank 1: Rent Blank 2: and Blank 3: Lease

To print the December 31, 20XX Journal, from the Navigation bar, click on________ ,then type and select _______field, and in the Date fields type________

Blank 1: Reports Blank 2: Journal Blank 3: 12/31/20XX, December 31, 20XX, Dec. 31, 20XX, or 12-31-20XX

The _____ ______ ______ ____ report displays transactions subtotaled by each account?

Blank 1: Transaction Blank 2: Detail Blank 3: by Blank 4: Account

The December 31, 20XX Journal displays the adjusting journal entries, the bank statement ______ charge, and the sales _______payments.

Blank 1: service Blank 2: tax

The December 31, 20XX Journal displays the adjusting journal entries, the bank statement ___________ charge, and the sales _______ payments

Blank 1: service Blank 2: tax

Student Name Sales and Service uses the ________ ___________ method of depreciation.

Blank 1: straight Blank 2: line

Adjusting entries are usually recorded at the end of an accounting period, which may fall at end of _____________,____________ or ____________

Blank 1: year Blank 2: quarter Blank 3: month

Since the company, Student Name Sales and Service, uses the quarterly accounting period, adjusting entries are recorded at the ________ ___________ _____________ _____________

End of the Quarter

Which report provides a list of customers (by date) of sales on account and amounts paid.

Customer Balance Detail

Which report provides a record of customer name, phone number, email, billing address and shipping address?

Customer Contact List

For a company that uses monthly accounting periods, when are adjusting entries recorded?

End of the month.

On October 1, a company that uses a quarterly accounting period purchases computer equipment for $13,000 with a five year service life and a $1,000 salvage value. What is the December 31 adjusting entry for depreciation?

Debit depreciation expense, $600; Credit accumulated depreciation, $600.

A company that uses quarterly accounting periods pays $15,000 for twelve months of prepaid insurance on October 1. What is the December 31 adjusting entry?

Debit insurance expense ($3,750); Credit prepaid insurance ($3,750). Reason: A company that uses quarterly accounting periods will record an adjusting entry at the end of December 31 ($3,750) for three months of expired insurance. ($1,250 * 3 = $3,750)

A company that uses monthly accounting periods pays $15,000 for twelve months of prepaid rent on October 1. What is the December 31 adjusting entry?

Debit insurance expense, $1,250; Credit prepaid insurance, $1,250.

A company that uses quarterly accounting periods pays $6,000 for six months of prepaid rent on October 1. What is the December 31 adjusting entry?

Debit rent & lease $3000; Credit prepaid rent $3,000. Reason: A company that uses quarterly accounting periods will record an adjusting entry at the end of each quarter. In this case, an adjusting entry for December 31 ($3,000) to expense three months of rent..

The following accounts are included on a Profit and Loss: Multiple select question. Accumulated Depreciation Dues and Subscriptions Common Stock Prepaid Insurance Depreciation Expense Insurance Expense Professional Fees.

Dues and Subscriptions Depreciation Expense Insurance Expense Professional Fees.

In Chapter 7, each data metric and visualization graph shown at the beginning of the chapter represents work completed through:

Exercises 6-1 and 6-2

The Business Overview and Application Programming Interface (API) diagram show the same information.

False

To customize a report:

From the Navigation bar, select Reports, type the desired report in the Search field, click on Customize and make the preferred selections.

Graphic data displays all of the following except:

Getting things done

Which report summarizes the amount of inventory on hand by average cost?

Inventory Valuation Summary

The accounts included in the operating activities section of the Statement of Cash Flows: Multiple select question. Computer Equipment Loan Payable Common Stock Prepaid Rent Accounts Receivable Bank Charges

Loan Payable Prepaid Rent Accounts Receivable

The Statement of Cash Flows shows how changes in the balance sheet accounts and income affect cash during a specific time period. In Chapter 7, what is that time period?

October 1, 20XX to December 31, 20XX

When Student Name Sales and Service journalizes an entry related to prepaid insurance, the account __________ ___________ is credited.

Prepaid Insurance

Which reports may be customized?

Profit & Loss Vendor Balance Summary Balance Sheet Customer Balance Summary

The Application Programming Interface shows how: (Select all that apply) Multiple select question. To do an advanced search QBO Processes data Tasks are organized Sets preferences Tasks are interrelated

QBO Processes data Tasks are organized Tasks are interrelated

The reasons for adjusting entries include: Multiple select question. Revenue has been received for services not yet rendered Recording a journal entry associated with depreciation expense Recording a journal entry associated with rent expense Recording a journal entry associated with the start of an accounting period An expense has been incurred, but not yet recorded Revenue has been earned, but not yet recorded

Recording a journal entry associated with depreciation expense Recording a journal entry associated with rent expense An expense has been incurred, but not yet recorded Revenue has been earned, but not yet recorded

At the end of a company's fiscal year, the purpose of closing the books is to transfer the balance of Net Income to the equity account,

Retained Earnings

The following accounts are included on a Profit and Loss: Multiple select question Sales. Accounts Payable. Telephone Expense Bank Charges. Computer Equipment. Advertising Expense.

Sales. Telephone Expense Bank Charges. Advertising Expense.

In QBO, how are adjusting entries recorded?

Select the + New icon and click on Journal Entry.

Which report shows transactions subtotaled by each account?

Transaction Detail by Account.

When Student Name Sales and Service journalizes an entry related to depreciation, the account __________ _________ is debited

depreciation Expense

In order for an income statement to accurately disclose a company's profitability, it must not only include all expenses paid, but also all the expenses:

incurred

When displaying the Profit and Loss, dated the first day of the next fiscal year, what is the balance of the income, cost of goods sold and expense accounts?

zero