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									IMK Chapter 5


RESOURCEFUL QUICKBOOK

1. What e-mail programs can QuickBooks Pro use to send forms?

     QuickBooks Pro can use either Outlook or Outlook Express.

2. Is it easier to work with an accountant using QuickBooks 2008?

     QuickBooks Pro can now make a special accountant’s copy with a
     dividing date that allows the accountant and business to both be
     working with the books. Any adjustments or other entries made by
     the accountant can easily be viewed and seamlessly integrated with
     the company records after the accountant has done the work.

3. What is Remote Access? After six months is there a charge to
   use it?

     Remote access means a company user can access and work in their
     company’s QuickBooks program anywhere in the world via the
     Internet. The first six months are free, after that there is a monthly
     charge for remote access.


Short-answer questions: In the space provided write the answer to
the question.

1.    Define a compound transaction.

      A compound transaction is an entry that affects three or more
      accounts.

2.    What is the account distribution for the note payable payment?

      Debit Note Payable and Interest Expense. Credit Reno Bank-Cash.

3.    What account is debited to pay dividends? What account is
      credited?

      Debit Dividends. Credit Reno Bank-Cash.
4.    What account is debited to pay for cellular phone service?
      What account is credited?

      Debit Telephone Expense. Credit Reno Bank-Cash.
5.   What account is debited to pay for Internet service? What
     account is credited?

     Debit Computer and Internet Expense. Credit Reno Bank-Cash.

6.   What account is debited to pay for water and garbage? What
     account is credited?

     Debit Utilities Expense. Credit Reno Bank-Cash.

7.   What is the check register and what does it show?

     The check register shows the cash deposits and checks written on
     the company’s Reno Bank-Cash account. It is similar to your
     checkbook register.

8.   In Chapter 5 what steps of the accounting cycle did you
     complete?

     In Chapter 5 you completed steps 5-9.

9.   Why does Your Name Retailers Inc. make adjusting journal
     entries?

     Adjusting journal entries are made to properly reflect all of the
     business activities of Your Name Retailers Inc. for the quarter.

10. What accounts never appear in a company’s post closing trial
    balance?

     Dividend, Revenue, and Expense accounts never appear.




Exercise 5-1: Print the Audit Trail report from 01/01/20XX to
12/31/20XX .
What follows is author’s audit trail which may differ from each student’s
audit trail depending upon the keystrokes.
Exercise 5-2: Answers use the following abbreviations to identify
reports: IS (income statement); BS (balance sheet); CFS (cash flow
statement).

          1. What report(s) show the net income or net loss? IS, BS,
             CFS

          2. What report(s) show the cash balance? BS, CFS

          3. What report(s) show total fixed assets? BS

          4. What report(s) show common stock account? BS

          5. What reports(s) show cash at the beginning
             of the period? CFS

          6. What report(s) show note payable accounts? BS

          7. What report(s) show total expenses? IS

          8. What report(s) show the gross profit? IS

          9. What report(s) show cost of goods sold? IS

          10. What report(s) show retained earnings? BS


ANALYSIS QUESTION:

How is the December 31, 20XX retained earnings balance
computed? Show the computation.

Beginning retained earnings                                           $    0.00
+Net income                                                           $ 149.00
-Dividends                                                            ($400.00)
Ending retained earnings (Debit balance, normally a Credit balance)   ($251.00)

								
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