Question 3 Revised

Bill Brothers Barbershopis 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. Review theirspecificationsand answer the question below.

a. Which amount should be recorded via the beginning balance journal entry as the beginning balance for the checking account?

1.$0.00

2.$12,720.02

3.$12,801.56

4.$12,861.47

5.$13,002.92

b. Which 3 should be entered as individual transactions, with their original dates, rather than entered using the initial journal entry?