1. If necessary, start QBO. 2. Add the following accounts to the Chart of Accounts. Page 1 Account Type Detail Type Name Number Other Current Assets Prepaid Expenses Prepaid Rent 123 Other Current Assets Undeposited Funds Undeposited Funds 130 Other Current Liabilities Loan Payable Loan Payable 205 Income Service/Fee Income Professional Fees 403 Expenses Shipping. Freight & Delivery Shipping and Delivery Expense 627 Edit these accounts: Account Type Detail Type "Name Number Other Current Assets Other Current Assets Uncategorized Asset 133 Income Expenses Service Fee Income (Yes to changing the detail pe) Uncategorized Income 455 Travel Conventions 604 Other Miscellaneous Service Cort Uncategorized Expense 701 Expenses Exercise 2-2: Follow the instructions below to complete Exercise 2.2: 1. Save the Chart of Accounts as a PDF file. Use the file name Exercise 2-2_Chart of Accounts 2. Export the Chart of Accounts to Excel. Use the file name Exercise 2-2_Chart of Accounts.xlsx (Wint. Your chart of accounts may show some default accounts without account numbers.) Check Your Chart of Accounts: Account 101 Checking. Bank: Detail Type, Checking Account 123 Prepaid Rent: Other Current Assets; Detail Type, Prepaid Expenses Account 133 Uncategorized Asset: Other Current Assets: Detail Type Other Current Assets Account 205 Loan Payable: Other Current Liabilities: Detail Type Loan Payable Account 403 Professional Fees: Income: Detail Type. Service/Fee Income Account 455 Uncategorized Income Income: Detail Type, Service Fee/Income Account 604 Conventions: Expenses: Detail Type Travel Account 701 Uncategorized Expenses: Expenses: Detail Type, Other Miscellaneous Service Cost 2. Continue with Exercise 2-3. Pape 92 Exercise 2-3: Problem Solving Problem Solving u inicious Service Cost 2. Continue with Exercise 23 Exercise 23: Problem Solving Pe 97 Problem Solving Exercise 2-4 is available within Connect. It includes: On the Chart of Accounts, why are the account and detail type selections important? To explain the account and detail types, use three accounts - one asset, one liability, and one expense account. Identify the Account Type. Detail Type, Name Number, and financial statement? Exercise 2-4: Certification Q&A Exercise 2-4's Certification Q&A multiple choice questions are available within Connect Required: For each account in the table below, enter the account number, account type, and detail type. For default accounts, leave the account number field blank. Account Number Account Type Detall Type Account Accounts Receivable Merchandise Inventory Computer Equipment Common Stock Retained Earnings Owner's Investment Sales Shipping Income Freight & Delivery Interest Expense Office Supplies Rent & Lease Taxes and Licenses Prey 1 2 2 of 2 Next >
