After creating a new QuickBooks data file for an existing company and entering all the existing balances,use an opening adjusting entry to move the balance in the ________ account to the Capital Stock account.
A)Uncategorized Expenses
B)Uncategorized Income
C)Opening Balance Equity
D)None of the choices are correct

Question

Quizplus · Accepted Answer

The Opening Balance Equity account is used to offset the initial balances entered for assets and liabilities. Once all balances are entered, it should be adjusted to zero by moving its balance to the Capital Stock account, reflecting the owner's equity.

After Creating a New QuickBooks Data File for an Existing