Solution Manual For Computer Accounting with QuickBooks Online, 2nd Edition

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PRACTICE QUIZ 1Q1.1Answer cQ1.2Answer aQ1.3Answer bQ1.4Answer a, cQ1.5Answer aQ1.6Answer dQ1.7Answer a, bQ1.8Answer dQ1.9CHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 1

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Answera.3b.2c.4d.1Q1.10Answer dQ1.11Answer a, cCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 2

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EXERCISES 1E1.1 Company Settings: CompanyE1.2 Company Settings: SalesE1.3 Company Settings: ExpensesE1.4 Company Settings: Advanced1.Not sure/Other/None2.noreply@quickbooks.com3.123 Sierra Way, San Pablo, CA 879991.Net 302.Off3.On4.On5.Off6.On7.On1.On2.On3.On4.On1.January2.Same as fiscal year3.Accrual4.Off5.OnCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 3

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E1.5 Chart of AccountsE1.6 Chart of AccountsE1.7 Register6.On7.On8.On9.United States Dollar10.On1.Bank2.Credit Card3.Accounts Receivable (A/R)4.Expenses5.Other Current Assets6.Income1.Name2.Type3.Detail Type4.QuickBooks Balance5.Bank Balance6.Action1.Ref No. Type2.Payee Account3.Memo4.Payment5.Deposit6.BalanceCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 4

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E1.8 TransactionsE1.9 QBO SatNav1.Other2.Employees3.Vendors4.Customers5.Employees6.Other7.Vendors8.Customers9.Vendors10.Vendors11.Customers12.Customers1.QBO Reports2.QBO Settings3.QBO Transactions4.QBO Reports5.QBO Transactions6.QBO ReportsCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 5

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E1.10 QBO Tools1.Create (+)2.Gear3.Create (+)4.Gear5.Create (+)6.Gear7.Create (+)8.Gear9.Create (+)10.Create (+)11.Create (+)12.Create (+)13.Gear14.Create (+)15.Gear16.Create (+)CHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 6

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CHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS E1. 7

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PROJECT 1.1P1.1.1 Set Up QBOP1.1.2 Company Settings: SalesP1.1.3 Company Settings: Expenses______________________MookieTheBeagle.com2017 Carl K. Yazigi. All Rights Reserved. Used with Permission. MookieTheBeagle.com™,Mookie The Beagle™, and the Mookie character, names, and related indicia are trademarks of Carl K. Yazigi andused with permission.1.e.Same as company name1.Net 302.Off3.Off4.On5.Off6.On7.On1.On2.Off3.Off4.Change to On5.Off6.Change to OnCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS P1. 1

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P1.1.4 Company Settings: AdvancedP1.1.5 Chart of Accounts1.January2.Same as fiscal year3.Accrual4.Off5.Small business corporation, two or more owners (Form 1120S)6.Off7.On8.On9.Off10.On11.United States Dollar12.On1.Other Current Assets2.Equity3.Equity4.Income5.Income6.Income7.Cost of Goods Sold8.Expenses9.Expenses10.Expenses11.Expenses12.Expenses13.ExpensesCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS P1. 2

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14.Expenses15.Expenses16.Expenses17.Expenses18.Expenses19.Expenses20.Expenses21.Expenses22.Expenses23.Expenses24.Expenses25.Expenses26.ExpensesCHAPTER 1 QUICKBOOKS ONLINE NAVIGATIONAND SETUPSOLUTIONS P1. 3

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PRACTICE QUIZ 2Q2.1Answer a, dQ2.2Answer a, bQ2.3Answer dQ2.4Answer bQ2.5Answer dQ2.6Answer dQ2.7Answer aCHAPTER 2 QBO CHART OF ACCOUNTSSOLUTIONS E2. 1

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Q2.8Answera.3b.2c.4d.1Q2.9Answer bQ2.10Answer bQ2.11Answer cQ2.12Answer aQ2.13Answer cQ2.14Answer aCHAPTER 2 QBO CHART OF ACCOUNTSSOLUTIONS E2. 2

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EXERCISES 2E2.1 COA: Types of Accounts1.Expenses2.Expenses3.Accounts Receivable (A/R)4.Expenses5.Income6.Expenses7.Accounts Payable (A/P)8.Credit Card9.Bank10.Other Current Liabilities11.Other Current Asset12.Equity13.Equity14.Other Income15.Income16.Income17.Income18.Other Current Asset19.Cost of Goods Sold20.Long Term Liabilities21.Expenses22.Expenses23.Expenses24.IncomeCHAPTER 2 QBO CHART OF ACCOUNTSSOLUTIONS E2. 3

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E2.2 Aligning COA and Tax ReturnE2.3 Display and Enter Account Numbers1.Schedule C Line 42.Schedule C Line 83.Schedule C Line 174.Schedule C Line 215.Schedule C Line 186.Schedule C Line 207.Schedule C Line 238.Schedule C Line 251.c. Number2.1001 Checking1002 Savings1003 Accounts Receivable (A/R)1004 Inventory Asset1005 Prepaid Expenses3.2001 Accounts Payable (A/P)2002 Mastercard2003 Visa2004 Arizona Dept. of Revenue Payable2005 Board of Equalization Payable2006 Loan Payable2007 Notes Payable4.3001 Opening Balance Equity3002 Retained EarningsCHAPTER 2 QBO CHART OF ACCOUNTSSOLUTIONS E2. 4

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E2.4 COA: Add Accounts5.4001 Billable Expense Income4002 Design Income4003 Fees Billed4004 Landscaping Services4005 Other Income4006 Pest Control Services4007 Sales of Product Income4008 Services6.5001 Cost of Goods Sold5002 Advertising5003 Automobile5004 Bank Charges5005 Commissions & Fees5006 Disposal Fees5007 Dues & Subscriptions5008 Equipment Rental5009 Insurance5010 Job Expenses5011 Legal & Professional Fees5012 Maintenance & Repair5013 Meals and Entertainment5014 Office Expenses5015 Promotional5016 Purchases5017 Rent or Lease5018 Stationary & Printing5019 Supplies5020 Taxes & Licenses5021 Travel5022 Travel Meals5023 Utilities1.b.Detail Type: Interest PaidCHAPTER 2 QBO CHART OF ACCOUNTSSOLUTIONS E2. 5

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