16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the: A) Uncategorized Expenses account B) Uncategorized Income account C) Opening Balance Equity account D) Capital Stock account Group of answer choices A B C D

16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the: A) Uncategorized Expenses account B) Uncategorized Income account C) Opening Balance Equity account D) Capital Stock account Group of answer choices A B C D

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.6C

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Question

16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:
A) Uncategorized Expenses account
B) Uncategorized Income account
C) Opening Balance Equity account
D) Capital Stock account

Group of answer choices

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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