Question

1. After reconciling a credit card account,

A. a bill for the statement balance must be recorded.

B. full or partial payment of the statement balance must be recorded.

C. a check for full or partial payment of the balance can be recorded, a bill for the statement balance can be recorded, or the credit card balance can be left in the credit card liability account.

D. the payment of the statement balance or a bill for the statement balance must be recorded.

2. Which of the following statements is true?

A. Unbalanced journal entries can be saved in QBO.

B. All debits must be listed first in QBO journal entries.

C. A brief explanation of the transaction can be entered in the Description field of the Journal Entry form.

D. All of the above statements are true.

3. The Balance Sheet report can be customized to __________________.

A. reflect either the cash or accrual method of accounting

B. show negative numbers in parentheses

C. show only accounts with non-zero balances

D. show balances related to specific customers only

E. All of the above are customizations you can make to a balance sheet

4. The bookkeeper manually writes a check for $425 to City Lights in May. The check is recorded in the general ledger for $452. The check clears the bank in May.

On the bank reconciliation for May, _____________________.

A. the balance per bank will be overstated by $27

B. balance per book will be understated by $27

C. the balance per book will be overstated by $27

D. the balance per bank will be understated by $27

I need help really badly and I need to check my answers to these questions

Answer 1

1) I donot know the answer to this one.

2) (C)

A brief explanation of the transaction can be entered in the description field of the journal entry. You can check out same in the quickbooks once. B is incorrect as there is no such rule in quickbooks

3) (E)

All of the above customizations can be made to a balancesheet.

4) (B)

Since the check is recorded as $452 instead of $425, the difference $27 ($452 - $425) is recorded as payment which ultimately will reduce balance as per books. Therefore, balance as per book will be understated by $27.

I am sorry to have not answered Q1. I thought of skipping the question but as u have mentioned that you needed the answers badly, I've answered what I know. Please feel free to ask any queries and do give a positive rating. Thank you.