These questions have to do with quickbooks online

Q-6-1a. Purchase Orders

Which general ledger account is credited when a purchase order is processed?

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1 Inventory

2 Accounts Payable

3 Cost of Goods Sold

4 No general ledger accounts are affected when a purchase order is prepared.

Q-6-1b. Purchase Orders

Which section of the Purchase Order window is used to enter inventory items being ordered from a vendor?

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1 Category details section

2 Item details section

3 Memo section

4 Vendor box

Q-6-1c. Purchase Orders

Which QBO window is used to receive goods from an outstanding purchase order when there is a vendor invoice received along with the items purchased but no payment is made?

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1 Expense window

2 Check window

3 Bill window

4 Pay Bills window

Q-6-2a. Bills

Which general ledger account is credited when inventory is received along with a bill from a vendor?

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1 Cash

2 Inventory

3 Supplies

4 Accounts Payable

Q-6-2b. Bills

Which section of the Bill window is used to enter the general ledger account to be debited for a service such as consulting fees?

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1 Category details section - Category box

2 Item details section - Product/Service box

3 Category details section - Description box

4 Memo box

Q-6-2c. Bills

Which of the following boxes in the Item details section of the Bill window is a calculated field (the result of entries or default information in two or more other boxes)?

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1 Quantity box

2 Rate box

3 Amount box

4 Description box

Q-6-3a. Cash Disbursements

Which account is debited when a transaction is processed using the Pay Bills window in QBO?

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1 Cash

2 The appropriate general ledger expense or asset account

3 Accounts Payable

4 None of the above

Q-6-3b. Cash Disbursements

Which account is credited when a transaction is processed using the Check window?

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1 Accounts Payable

2 The appropriate general ledger expense or asset account

3 Inventory

4 Checking (Cash)

Q-6-3c. Cash Disbursements

Which button in the Pay Bills window can be used to display only bills due to a specific vendor?

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1 Filter button

2 Payment account drop-down list button

3 Schedule payments online button

4 All of the above can be used to display bills due to a specific vendor.

Q-6-4a. Accounting Transactions Resulting from Processing Purchasing and Cash Disbursement Transactions

Select the proper accounting entry from the list provided. Inventory was received but not paid for on a purchase order. Payment terms were 2% 10, Net 30.

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1 DR Inventory Asset and CR Cost of Goods Sold

2 DR Inventory Asset and CR Accounts Payable

3 DR Cost of Goods Sold and CR Accounts Payable

4 DR Inventory Asset and CR Job Materials

Q-6-4b. Accounting Transactions Resulting from Processing Purchasing and Cash Disbursement Transactions

Select the proper accounting entry from the list provided. A purchase order for the purchase of inventory was prepared and saved.

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1 DR Inventory Asset and CR Cost of Goods Sold

2 DR Inventory Asset and CR Cost of Goods Sold

3 DR Cost of Goods Sold and CR Accounts Payable

4 DR Cost of Goods Sold and CR Inventory Asset

5 None of the above (no accounting entry necessary)

Q-6-4c. Accounting Transactions Resulting from Processing Purchasing and Cash Disbursement Transactions

Select the proper accounting entry from the list provided. The inventory received on a purchase order was paid for within 20 days of the purchase. Payment terms on invoice were 2% 10, Net 30.

Please add checkmark next to the correct answer(s).

1 DR Accounts Payable and CR Checking / CR Discounts Given

2 DR Accounts Payable and CR Cost of Goods Sold

3 DR Accounts Payable and CR Checking

4 DR Cost of Goods Sold and CR Checking

5 None of the above

Q-6-4d. Accounting Transactions Resulting from Processing Purchasing and Cash Disbursement Transactions

Select the proper accounting entry from the list provided. An invoice was received from Cal Telephone for the prior months telephone service, but no payment was made.

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1 DR Utilities: Telephone and CR Checking

2 DR Utilities: Telephone and CR Job Materials

3 DR Utilities and CR Undeposited Funds

4 DR Utilities: Telephone and CR Accounts Payable

Q-6-4e. Accounting Transactions Resulting from Processing Purchasing and Cash Disbursement Transactions

Select the proper accounting entry from the list provided. The invoice for accounting and tax services performed in the current month from Books by Bessie was received and paid on the same day.

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1 DR Legal and Professional Fees: Accounting and CR Checking

2 DR Checking and CR Accounts Payable

3 DR Job Expenses and CR Checking

4 DR Legal and Professional Fees: Accounting and CR Job Expenses

Q-6-5a. Subsidiary Account Balances Affected by Processing Purchasing and Cash Disbursement Transactions

Choose the subsidiary record or records affected by the transaction and the effect on each (increase or decrease) from the list provided. Inventory was received but not paid for on a purchase order. Payment terms were 2% 10, Net 30.

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1 Inventory decrease, Accounts Payable decrease

2 Inventory decrease, Accounts Payable increase

3 Inventory increase, Accounts Payable increase

4 Inventory increase, Accounts Payable decrease

5 No subsidiary records are affected

Q-6-5b. Subsidiary Account Balances Affected by Processing Purchasing and Cash Disbursement Transactions

Choose the subsidiary record or records affected by the transaction and the effect on each (increase or decrease) from the list provided. A purchase order for the purchase of inventory was prepared and saved.

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1 Inventory decrease, Accounts Payable decrease

2 Inventory decrease, Accounts Payable increase

3 Inventory increase, Accounts Payable decrease

4 Inventory increase, Accounts Receivable decrease

5 No subsidiary records are affected

Q-6-5c. Subsidiary Account Balances Affected by Processing Purchasing and Cash Disbursement Transactions

Choose the subsidiary record or records affected by the transaction and the effect on each (increase or decrease) from the list provided. The inventory received on a purchase order was paid for within 10 days of the purchase. Payment terms on invoice were 2% 10, Net 30.

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1 Inventory decrease, Accounts Payable decrease

2 Inventory increase, Accounts Payable decrease

3 Accounts Payable decrease only

4 Accounts Payable increase only

5 No subsidiary records are affected

Q-6-5d. Subsidiary Account Balances Affected by Processing Purchasing and Cash Disbursement Transactions

Choose the subsidiary record or records affected by the transaction and the effect on each (increase or decrease) from the list provided. An invoice was received and processed, but not paid for from Cal Gas & Electric. The invoice was for the current months gas and electric bill.

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1 Accounts Payable increase only

2 Accounts Payable decrease only

3 Accounts Payable increase, Inventory increase

4 Accounts Payable increase, Inventory decrease

5 No subsidiary records are affected

Q-6-5e. Subsidiary Account Balances Affected by Processing Purchasing and Cash Disbursement Transactions

Choose the subsidiary record or records affected by the transaction and the effect on each (increase or decrease) from the list provided. The monthly payment to Bank of Anycity for its notes payable was paid.

Please add checkmark next to the correct answer(s).

1 Accounts Payable decrease only

2 Accounts Payable increase only

3 Accounts Receivable decrease only

4 Accounts Receivable increase only

5 No subsidiary records are affected