Question 3

Heather's Hair Salon is a sole proprietorship that has kept the books manually for several years. They have hired you to move them to QuickBooks Online for the year that begins January 1 of the current year. The books will be kept on accrual basis for management purposes.

Select to view their specifications.

Which 4 accounts would be included in the journal entry for recording beginning balances?

1.Checking

2.Inventory

3.Loan payable

4.Accounts Payable

5.Credit card payable

6.Accounts Receivable

7.Cost Of Goods Sold

8.Opening balance equity