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Solution Manual For Using QuickBooks Online for Accounting, 3rd Edition

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    Using QuickBooks Online For Accounting Solutions Manual Third Edition Glenn Owen Allan Hancock College

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    TABLE OF CONTENTS CHAPTER 1 1 Q UESTIONS 1 M ATCHING 1 CHAPTER 2 2 Q UESTIONS 2 M ATCHING 2 CHAPTER 3 3 Q UESTIONS 3 M ATCHING 3 C ASE 1 4 C ASE 2 6 C ASE 3 8 C ASE 4 10 CHAPTER 4 13 Q UESTIONS 13 M ATCHING 13 C ASE 1 14 C ASE 2 17 C ASE 3 20 C ASE 4 23 CHAPTER 5 26 Q UESTIONS 26 M ATCHING 26 C ASE 1 27 C ASE 2 31 C ASE 3 36 C ASE 4 43 CHAPTER 6 49 Q UESTIONS 49 M ATCHING 49 C ASE 1 50 C ASE 2 55 C ASE 3 60 C ASE 4 66

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    TABLE OF CONTENTS CHAPTER 7 70 Q UESTIONS 70 M ATCHING 70 C ASE 1 71 C ASE 2 76 C ASE 3 81 C ASE 4 86 CHAPTER 8 93 Q UESTIONS 93 M ATCHING 93 C ASE 1 94 C ASE 2 100 C ASE 3 106 C ASE 4 109 CHAPTER 9 111 Q UESTIONS 111 M ATCHING 111 C ASE 1 112 C ASE 2 117 C ASE 3 122 C ASE 4 127 CHAPTER 10 128 Q UESTIONS 128 M ATCHING 128 C ASE 1 129 C ASE 2 134 C ASE 3 139 C ASE 4 149 APPENDIX 2 155

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    Chapter 1 Solutions Manual Chapter 1 Questions 1. QBO is limited to one company per license. QBDT can manage an unlimited number of companies. 2. No, QBO requires an Internet connection. 3. No, QBO does not require the creation of backup files. 4. Both QBO and QBDT were developed in ‐ house by Intuit to capture and report on accounting events. 5. The process of assigning your instructor as the accountant for your company involves a brief interview in which you’ll provide your instructor’s email address and name. Chapter 1 Matching a. QBO h Click to access help b. QBDT g Click to find past transactions c. Gear icon d Provides tasks to help you get started d. Welcome Guide a Online version of QuickBooks e. Navigation bar i Click to add your instructor as your accountant f. Create (+) icon j Provides links to QBO tasks and resources g. Magnifying Glass b Windows Desktop version of QuickBooks h. Help (?) icon f Click to add any transaction i. Manage Users c Click to manage your subscription, users, and settings j. Home Page e On the left of the home page it shows a menu of items 1

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    Chapter 2 Solutions Manual Chapter 2 Questions 1. Right-click Customers from the navigation bar and then select Open Link in New Tab. 2. Open the Customer window from the navigation bar and then click a customer name. 3. Open the Vendor window from the navigation bar, click a specific vendor name, and then click a specific bill. 4. Open the Employee window from the navigation bar and the click Edit next to a specific employee name. 5. Bank deposits which have not yet been recorded in QBO are not recognized and are temporarily classified as Uncategorized Income. 6. Bank charges which have not yet been recorded in QBO are not recognized and are temporarily classified as Uncategorized Expense. 7. Opening the sales transaction section of QBO will provide a listing of recent sales invoices and payments. 8. Opening the expense transaction section of QBO will provide a listing of recent credit card, bills, expenses, purchase orders, checks, bill payments, and cash transactions. 9. List options include: chart of accounts, recurring transactions, products and services, custom form styles, payment methods, terms, classes, and attachments. 10. Click Reports then type Accounts payable in the reports search box. Chapter 2 Matching a. Navigation bar h An employee in the Sample Company b. Amy’s Bird Sanctuary e Bank deposits not yet recognized c. Brosnahan Insurance Agency g Exist for all asset, liability, and equity accounts d. Recognizing i Specify due dates for payment to/from vendors/customers e. Uncategorized Income a Used to access a list of sales and expense transactions f. Uncategorized Expense c A vendor in the Sample Company g. Registers j A listing of all accounts available h. John Johnson f Bank charges not yet recognized i. Terms b A customer in the Sample Company j. Chart of accounts d Matching a banking transaction with a QBO transaction 2

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    3 Chapter 3 Solutions Manual Chapter 3 Questions 1. Company Settings is accessed by clicking the Gear icon and then clicking Account and Settings from the Your Company column. 2. Adding beginning balances only occurs when you are utilizing QBO for the first time and your business has been in operation for some time. 3. Click the Gear icon and then click Chart of Accounts and then click the New button in the upper right-hand corner of the chart of accounts. 4. The Opening Balance Equity account is also affected when a beginning balance is entered into an account. 5. When you add a new product you may provide an initial quantity on hand and a related as of date. You also provide the related inventory asset account, sales and purchase description information, the price, the cost, the income account and the cost of goods sold account used. You must also identify if the item is taxable if the company collects sales tax. 6. When you add a beginning balance to accounts receivable you must also identify the name of the customer who owes you. 7. When you add a beginning balance to accounts payable you must also identify the name of the vendor you owe. 8. Retained Earnings is the additional account used when closing the Opening Balance Equity account. 9. Click Reports from the Navigation bar then type Balance Sheet into the Find report by name search text box, then press [ Enter ]. 10. Click the balance in the account line of the Balance Sheet report to view the Transaction Report. Chapter 3 Matching a. Transactions report e Entity to whom you sell products/services b. Balance Sheet d Account used to offset beginning balances adjustments c. Journal entry g Merchandise a company purchases from a vendor d. Opening Balance Equity h Efforts made by a company to add value to a customer e. Customer b A listing of asset, liability, and equity account balances as of a specific date f. Vendor i Dictates where an account appears in all reports g. Product a Transactions for an account for a specified period h. Service f Entity from whom you purchase products/services i. Account Type j Checking j. Detailed type example c Commonly used to adjust accounts

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    Chapter 3 Case 1 Trial Balance 4

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    Transaction Detail by Account 5

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    Chapter 3 Case 2 Trial Balance 6

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    Transaction Detail by Account 7

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    Chapter 3 Case 3 Trial Balance Debit Credit Checking 12,000.00 Accounts Receivable (A/R) 4,125.00 Inventory Asset 6,200.00 Prepaid Expenses 2,750.00 Machinery & Equipment:Depreciation 2,000.00 Machinery & Equipment:Original cost 15,000.00 Accounts Payable (A/P) 5,000.00 Notes Payable 23,000.00 Opening Balance Equity 0.00 Owner's Equity 10,075.00 TOTAL $ 40,075.00 $ 40,075.00 Tuesday, Nov 08, 2016 10:08:28 AM GMT-8 - Accrual Basis Case 3 - Student Name (ID number) Trial Balance As of December 31, 2019 8

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    Transaction Detail by Account Date Transaction Type Num Name Memo/Description Split Amount Balance 12/31/2019 Deposit Opening Balance Opening Balance Equity 12,000.00 12,000.00 $ 12,000.00 12/31/2019 Journal Entry 1 -Split- 4,125.00 4,125.00 $ 4,125.00 12/31/2019 Inventory Starting Value START Apple iPhone 7 - Opening inventory and value Opening Balance Equity 5,000.00 5,000.00 12/31/2019 Inventory Starting Value START Pixel - Opening inventory and value Opening Balance Equity 1,200.00 6,200.00 $ 6,200.00 12/31/2019 Journal Entry 1 -Split- 2,750.00 2,750.00 $ 2,750.00 12/31/2019 Journal Entry Opening Balance -Split- -2,000.00 -2,000.00 -$ 2,000.00 12/31/2019 Journal Entry Opening Balance -Split- 15,000.00 15,000.00 $ 15,000.00 $ 13,000.00 12/31/2019 Journal Entry 1 -Split- 5,000.00 5,000.00 $ 5,000.00 12/31/2019 Journal Entry Opening Balance -Split- 23,000.00 23,000.00 $ 23,000.00 12/31/2019 Journal Entry Opening Balance -Split- -23,000.00 -23,000.00 12/31/2019 Journal Entry Opening Balance -Split- 15,000.00 -8,000.00 12/31/2019 Journal Entry Opening Balance -Split- -2,000.00 -10,000.00 12/31/2019 Journal Entry 1 -Split- 1,875.00 -8,125.00 12/31/2019 Journal Entry 2 -Split- -10,075.00 -18,200.00 12/31/2019 Deposit Checking 12,000.00 -6,200.00 12/31/2019 Inventory Starting Value START Apple iPhone 7 - Opening inventory and value Inventory Asset 5,000.00 -1,200.00 12/31/2019 Inventory Starting Value START Pixel - Opening inventory and value Inventory Asset 1,200.00 0.00 $ 0.00 12/31/2019 Journal Entry 2 -Split- 10,075.00 10,075.00 $ 10,075.00 Owner's Equity Total for Owner's Equity Tuesday, Nov 08, 2016 10:12:27 AM GMT-8 - Accrual Basis Case 3 - Student Name (ID number) Transaction Detail by Account January 2010 - December 2022 Total for Accounts Payable (A/P) Notes Payable Total for Notes Payable Opening Balance Equity Total for Opening Balance Equity Total for Depreciation Original cost Total for Original cost Total for Machinery & Equipment Accounts Payable (A/P) Total for Inventory Asset Prepaid Expenses Total for Prepaid Expenses Machinery & Equipment Depreciation Checking Total for Checking Accounts Receivable (A/R) Total for Accounts Receivable (A/R) Inventory Asset 9

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    Chapter 3 Case 4 10

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    11

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