Opening Balance Equity: Paying Sales Tax for Retail Customers
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Pay sales tax
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Retail customers:
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Opening Balance Equity
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After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the ________ account to the Capital Stock account.
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service
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A law firm is an example of a ________ company
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Purchase Order
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When you place an order for items from a vendor, which one of the following QuickBooks forms would you use?
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Calculated automatically by QuickBooks for items flagged as taxable.
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When using QuickBooks, sales tax is:
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Purchase Order
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Inventory items received should be compared against:
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Inventory
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When recording the sale of a product, which account is decreased?
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Enter hours in the time sheet for stocking inventory
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The purchasing cycle includes all of the following transactions except.
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When accounts payable opening balances create Uncategorized Expenses
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When setting up an existing company in QuickBooks, which of the following opening adjustments?
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Lists All Accounts
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The Chart of Accounts:
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Edit > Preferences > Accounting > Company Preferences
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To see the account numbers in the Chart of Accounts, choose:
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Edit account > Enter opening balance
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To add an exiting opening balance to a new account, choose:
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Cost of Goods sold
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The cost of the inventory items sold is tracked in what account?
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Enter vendor list, record transactions, and prepare reports. All of these.
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When using QuickBooks, your accounting system includes which of the following steps?
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Reduce supplies on hand by $700; increase supplies expense by $700.
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If the supplies on hand at the end of January totaled $200 and the Supplies on Hand account before adjustment is $900, what would be the adjustment at month-end?
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Company Preferences
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To customize your settings for preferences such as estimates, time tracking, sales orders, choose Edit>Preferences>Desktop View > _______
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Retail
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A grocery store is an example of a ________ company.
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Customize the Chart of Accounts
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When creating new QuickBooks data file for an existing company, opening balances are added when you:
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Uncategorized Income Account
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When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:
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Uncategorized Expenses Account
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When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts payable balances with an entry to the:
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Opening Balances Equity Account
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When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets inventory item balances with an entry to the:
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Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
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The purchasing transaction cycle for a merchandising company is:
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Create Invoice > Receive Payment > Record Deposits
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The sales transaction cycle for a merchandising company is:
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Inventory item (Item List)
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QuickBooks classifies the sales tax rate as a(n):
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Pay no sales tax
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Wholesale customers:
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The supplies on hand account is an asset account because the supplies have future value. At the end of the period, a count is done to determine what supplies were used and what amount still remain. Then, an adjusting entry is created for the supplies used during the period as a supply expense.
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Briefly explain how the supplies on hand account is adjusted at the end of the period.
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Tracks services and hours per project
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Accounting for a service company
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Tracks inventory and cost of goods sold.
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Accounting for a merchandising company or retail shop
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vary, for example a service company uses the unearned revenue account and a retail shop uses the merchandise sales account.
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Also, the accounts in the chart of accounts....
