Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. After reconciling a credit card account, A. a bill for the statement balance must be recorded. B. full or partial payment of the statement

1. After reconciling a credit card account,

A. a bill for the statement balance must be recorded.

B. full or partial payment of the statement balance must be recorded.

C. a check for full or partial payment of the balance can be recorded, a bill for the statement balance can be recorded, or the credit card balance can be left in the credit card liability account.

D. the payment of the statement balance or a bill for the statement balance must be recorded.

2. Which of the following statements is true?

A. Unbalanced journal entries can be saved in QBO.

B. All debits must be listed first in QBO journal entries.

C. A brief explanation of the transaction can be entered in the Description field of the Journal Entry form.

D. All of the above statements are true.

3. The Balance Sheet report can be customized to __________________.

A. reflect either the cash or accrual method of accounting

B. show negative numbers in parentheses

C. show only accounts with non-zero balances

D. show balances related to specific customers only

E. All of the above are customizations you can make to a balance sheet

4. The bookkeeper manually writes a check for $425 to City Lights in May. The check is recorded in the general ledger for $452. The check clears the bank in May. On the bank reconciliation for May, _____________________.

A. the balance per bank will be overstated by $27

B. balance per book will be understated by $27

C. the balance per book will be overstated by $27

D. the balance per bank will be understated by $27

I need help really badly and I need to check my answers to these questions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

12th Canadian Edition

0136889373, 9780136889373

More Books

Students also viewed these Accounting questions

Question

What are all the ways you count or measure customer complaints?

Answered: 1 week ago

Question

Do your staff and customers know these examples?

Answered: 1 week ago