FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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when viewing a detail level report, such as Open Invoices Report, what happens when you double click on the amount shown on any particular transaction?
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- First picture is the instructionarrow_forwardTo enter transactions in QBO: a. From the Navigation Bar, select Reports b. From the (+) New icon, select transaction to enter c. From the Gear icon, select transaction to enter d. From the Navigation Bar, select Homearrow_forwardThe process of posting is the transfer of debits and credits from the O a. T accounts to the journal. Ob. T accounts to the ledger. O c. journal to the ledger. O d. ledger to the journal.arrow_forward
- 1. Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the ledger? Why or why not?arrow_forwardIn QuickBooks Online, what are the different types of accounts that can be created in the chart of accounts? Select an answer: Income, Expense, Asset, Liability, and Equity Customers, Vendors, and Employees Reports, Templates, and Transactions Bills, Invoices, and Paymentsarrow_forwardAll records in a file must have a unique way of identifying a particular record within that file, normally referred to as a primary key. Based on your general knowledge of accounting, for each of the following types of accounting records, indicate what the most likely primary key would be to access records within that file. REQUIRED: Using the attached answer sheet, indicate the primary key that would be used to access the file for the list of files provided below. Explain your answer where appropriate. LIST OF ACCOUNTING FILES NEEDED TO BE ACCESSED WITH PRIMARY KEY Accounting File Accounts Receivable (a) (b) Accounts Payable (c) Inventory (d) Customer Sales Order (e) Purchase Orders (f) Cash Receipts From Customers (g) Payroll Earnings For Employee (h) General Ledger Primary Keyarrow_forward
- Identify the items from the following list that are likely to serve as source documents. Is this a Item source document? a. Invoice from supplier b. Ledger c. Statement of cash flows d. Company revenue account e. Sales receipt f. General journal g. Prepaid insurance account h. Employee time clock record i. Credit card receiptarrow_forwardLinzee Liners estimates that its manufacturing overhead will be $1,761,800 in Year 1. It further estimates that direct labor costs will amount to $766,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,600 for Job 0301, $24,100 for Job 0302, $33,600 for Job 0303, and $17,600 for Job 0304. Actual manufacturing overhead costs for the year were $1,750,000. Actual direct labor costs for the year were $751,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows Work-in-process inventory Finished goods Inventory Cost of goods sold $ 34,546 $ 276,368 $ 1,416,386 Required: Prepare an entry to allocate the over-or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction listarrow_forwardThe delivery equipment account is increased with credit or debitarrow_forward
- The chart that gives data about payments and payment schedule is called what?arrow_forwardWhich of the following is not transferred from the journal to the ledger in the posting process? a.Date b.Explanation c.Debit and credit d.Amountarrow_forwardThe General Ledger How does posting journal entries work in a computerized accounting system? What does it mean when posting is done automatically? Explain.arrow_forward
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