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

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Using QuickBooksOnlineFor AccountingSolutions ManualThird EditionGlenn OwenAllan Hancock College

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TABLE OF CONTENTSCHAPTER 11QUESTIONS1MATCHING1CHAPTER 22QUESTIONS2MATCHING2CHAPTER 33QUESTIONS3MATCHING3CASE14CASE26CASE38CASE410CHAPTER 413QUESTIONS13MATCHING13CASE114CASE217CASE320CASE423CHAPTER 526QUESTIONS26MATCHING26CASE127CASE231CASE336CASE443CHAPTER 649QUESTIONS49MATCHING49CASE150CASE255CASE360CASE466

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TABLE OF CONTENTSCHAPTER 770QUESTIONS70MATCHING70CASE171CASE276CASE381CASE486CHAPTER 893QUESTIONS93MATCHING93CASE194CASE2100CASE3106CASE4109CHAPTER 9111QUESTIONS111MATCHING111CASE1112CASE2117CASE3122CASE4127CHAPTER 10128QUESTIONS128MATCHING128CASE1129CASE2134CASE3139CASE4149APPENDIX 2155

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Chapter1SolutionsManualChapter1Questions1.QBOislimitedtoonecompanyperlicense.QBDTcanmanageanunlimitednumberofcompanies.2.No,QBOrequiresanInternetconnection.3.No,QBOdoesnotrequirethecreationofbackupfiles.4.BothQBOandQBDTweredevelopedin‐housebyIntuittocaptureandreportonaccountingevents.5.Theprocessofassigningyourinstructorastheaccountantforyourcompanyinvolvesabriefinterviewinwhichyou’llprovideyourinstructor’semailaddressandname.Chapter1Matchinga.QBOhClicktoaccesshelpb.QBDTgClicktofindpasttransactionsc.GearicondProvidestaskstohelpyougetstartedd.WelcomeGuideaOnlineversionofQuickBookse.NavigationbariClicktoaddyourinstructorasyouraccountantf.Create(+)iconjProvideslinkstoQBOtasksandresourcesg.MagnifyingGlassbWindowsDesktopversionofQuickBooksh.Help(?)iconfClicktoaddanytransactioni.ManageUserscClicktomanageyoursubscription,users,andsettingsj.HomePageeOntheleftofthehomepageitshowsamenuofitems1

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Chapter 2 Solutions ManualChapter 2 Questions1.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 aspecific bill.4.Open the Employee window from the navigation bar and the click Edit next to a specific employeename.5.Bank deposits which have not yet been recorded in QBO are not recognized and are temporarilyclassified as Uncategorized Income.6.Bank charges which have not yet been recorded in QBO are not recognized and are temporarilyclassified as Uncategorized Expense.7.Opening the sales transaction section of QBO will provide a listing of recent sales invoices andpayments.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 formstyles, payment methods, terms, classes, and attachments.10.Click Reports then type Accounts payable in the reports search box.Chapter 2 Matchinga.Navigation barhAn employee in the Sample Companyb.Amy’s Bird SanctuaryeBank deposits not yet recognizedc.Brosnahan Insurance AgencygExist for all asset, liability, and equity accountsd.RecognizingiSpecify due dates for payment to/from vendors/customerse.Uncategorized IncomeaUsed to access a list of sales and expense transactionsf.Uncategorized ExpensecA vendor in the Sample Companyg.RegistersjA listing of all accounts availableh.John JohnsonfBank charges not yet recognizedi.TermsbA customer in the Sample Companyj.Chart of accountsdMatching a banking transaction with a QBO transaction2

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3Chapter 3 Solutions ManualChapter 3 Questions1.Company Settings is accessed by clicking the Gear icon and then clicking Account and Settingsfrom the Your Company column.2.Adding beginning balances only occurs when you are utilizing QBO for the first time and yourbusiness has been in operation for some time.3.Click the Gearicon and then click Chart of Accounts and then click the New button in the upperright-hand corner of the chart of accounts.4.The Opening Balance Equity account is also affected when a beginning balance is entered intoan account.5.When you add a new product you may provide an initial quantity on hand and a related as ofdate. You also provide the related inventory asset account, sales and purchase descriptioninformation, 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 ofthe customer who owes you.7.When you add a beginning balance to accounts payable you must also identify the name of thevendor you owe.8.Retained Earnings is the additional account used when closing the Opening Balance Equityaccount.9.ClickReportsfrom the Navigation bar then typeBalance Sheetinto the Find report by namesearch 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 Matchinga.Transactions reporteEntity to whom you sell products/servicesb.Balance SheetdAccount used to offset beginning balances adjustmentsc.Journal entrygMerchandise a company purchases from a vendord.Opening Balance EquityhEfforts made by a company to add value to a customere.CustomerbA listing of asset, liability, and equity account balancesas of a specific datef.VendoriDictates where an account appears in all reportsg.ProductaTransactions for an account for a specified periodh.ServicefEntity from whom you purchase products/servicesi.Account TypejCheckingj.Detailed type examplecCommonly used to adjust accounts

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Chapter 3 Case 1Trial Balance4

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Transaction Detail by Account5

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Chapter 3 Case 2Trial Balance6

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Transaction Detail by Account7

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Chapter 3 Case 3Trial BalanceDebitCreditChecking12,000.00Accounts Receivable (A/R)4,125.00Inventory Asset6,200.00Prepaid Expenses2,750.00Machinery & Equipment:Depreciation2,000.00Machinery & Equipment:Original cost15,000.00Accounts Payable (A/P)5,000.00Notes Payable23,000.00Opening Balance Equity0.00Owner's Equity10,075.00TOTAL$40,075.00$40,075.00Tuesday, Nov 08, 2016 10:08:28 AM GMT-8 - Accrual BasisCase 3 - Student Name (ID number)Trial BalanceAs of December 31, 20198

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Transaction Detail by AccountDateTransaction TypeNumNameMemo/DescriptionSplitAmountBalance12/31/2019DepositOpening BalanceOpening Balance Equity12,000.0012,000.00$ 12,000.0012/31/2019Journal Entry1-Split-4,125.004,125.00$4,125.0012/31/2019Inventory Starting ValueSTARTApple iPhone 7 - Opening inventory and valueOpening Balance Equity5,000.005,000.0012/31/2019Inventory Starting ValueSTARTPixel - Opening inventory and valueOpening Balance Equity1,200.006,200.00$6,200.0012/31/2019Journal Entry1-Split-2,750.002,750.00$2,750.0012/31/2019Journal EntryOpening Balance-Split--2,000.00-2,000.00-$2,000.0012/31/2019Journal EntryOpening Balance-Split-15,000.0015,000.00$ 15,000.00$ 13,000.0012/31/2019Journal Entry1-Split-5,000.005,000.00$5,000.0012/31/2019Journal EntryOpening Balance-Split-23,000.0023,000.00$ 23,000.0012/31/2019Journal EntryOpening Balance-Split--23,000.00-23,000.0012/31/2019Journal EntryOpening Balance-Split-15,000.00-8,000.0012/31/2019Journal EntryOpening Balance-Split--2,000.00-10,000.0012/31/2019Journal Entry1-Split-1,875.00-8,125.0012/31/2019Journal Entry2-Split--10,075.00-18,200.0012/31/2019DepositChecking12,000.00-6,200.0012/31/2019Inventory Starting ValueSTARTApple iPhone 7 - Opening inventory and valueInventory Asset5,000.00-1,200.0012/31/2019Inventory Starting ValueSTARTPixel - Opening inventory and valueInventory Asset1,200.000.00$0.0012/31/2019Journal Entry2-Split-10,075.0010,075.00$ 10,075.00Owner's EquityTotal for Owner's EquityTuesday, Nov 08, 2016 10:12:27 AM GMT-8 - Accrual BasisCase 3 - Student Name (ID number)Transaction Detail by AccountJanuary 2010 - December 2022Total for Accounts Payable (A/P)Notes PayableTotal for Notes PayableOpening Balance EquityTotal for Opening Balance EquityTotal for DepreciationOriginal costTotal for Original costTotal for Machinery & EquipmentAccounts Payable (A/P)Total for Inventory AssetPrepaid ExpensesTotal for Prepaid ExpensesMachinery & EquipmentDepreciationCheckingTotal for CheckingAccounts Receivable (A/R)Total for Accounts Receivable (A/R)Inventory Asset9