Please answer the following questions to the best of your ability.

1. Using any Bookkeeping Software that you prefer (Quickbooks, Xero,Quicken,etc), explain how you would solve the following problem.

You enter an invoice for $10,000 as an Expense to Repairs & Maintenance, but after

management reviews it, they determine that $2,000 of this invoice was actually for Lease on

the building. How would you correct your initial transaction that was recorded in your

accounting software? How would this change impact your chart of accounts?

2. What are the journal entries for the following actions?

1. A $37.00 check from a customer is returned non-sufficient funds.

2. A purchase of a desk and office chair for $450.00.

3. A taxable charge sale of $ 195.00 plus $ 7.69 sales tax.

4. A customer makes a payment on their account for $250.00.

Answer rating: 100% (QA)

1 To correct the initial transaction recorded in the accounting software First locate the initial tr... View the full answer