Computer Accounting Study Set 2

Use this source document for issuing checks:

To edit an account, go to Recent Transactions and drill down.

In QuickBooks you can void a check if it was lost in the mail or never cashed.

When recording Sales Receipts, use these steps:

Vendor purchases on account are recorded on this page:

What type of entries does the Journal report show?

Do not delete a check if the check number has been used or if the check was printed.

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

In QBO, tracking inventory is automatically done.

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

Sales on account to customers are recorded on this page:

If the debits do not equal the credits, QBO will allow you to post the transaction.

Vendor terms are Net 60.

To record vendor payments, use these steps:

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

The Accounts Payable Aging report shows that status of what you owe to vendors.

What is difference between a Sales Receipt and an Invoice?

What is the sequence of steps to complete bank reconciliation?

When recording customer payments, use these steps: