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stich3 [128]
1 year ago
13

Eileen is setting up a company in QuickBooks Online and needs to fill in opening balances for vendors. What is the best way to r

ecord opening vendor balances and why?
Business
1 answer:
Vsevolod [243]1 year ago
6 0

The best ways is to fill in the opening balance in the vendor details dialogue box. This method is quick, and one may finish it when one create the vendor.

The Vendor Balance Summary report summarizes the company's obligations and overpayments to certain vendors. The overarching goal of this report is to identify accounting irregularities. View the Vendor Balance Detailed report for further information on the vendor's balance.

The following information is included in the report:

  • Vendor: Either the vendor indicated in the preceding filtering choices or all suppliers accessible to the firm.
  • Balance: The amount owed to a certain vendor or the credit/overpayment amount (marked with brackets).
  • Totals: The total amount owed or payed to the suppliers listed.

To learn more about opening balance of vendors click on :

"brainly.com/question/4688609"

#SPJ10

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3 years ago
The produces computers and sells them to . At the same time produces cars and sells them to the . Suppose there is an appreciati
Elanso [62]

Correct/Complete Question:

The United States produces computers and sells them to Russia. At the same time, Russia produces cars and sells them to the United States. Suppose there is an appreciation in the dollar. This will​ cause:

Answer:

increase in imports into the United States and decrease in exports to Russia​ will occur, which will cause a decrease in aggregate demand and real GDP

Explanation:

Aggregate demand is the total demand for a good or service in an economy at a given time. Real GDP on the other hand can be defined as an inflated value of goods and services in an economy at a certain period of time. An inflation of the dollar will increase imports into the united states as it would decrease the exports to Russia. This because the appreciation of the dollar will affect the prices of both computers and cars. And as such will

6 0
3 years ago
Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of $36,960. Martinez has
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Answer:

Journal entries

Explanation:

The journal entries are as follows

(a) Cash A/c Dr $33,000

   Accumulated depreciation A/c Dr $36,960

            To Factory machine A/c $66,000

            To Profit on sale of factory machine A/c $3,960

(Being the sale of machinery is recorded and the remaining balance is credited to the profit on sale of factory machine account)

(b) Cash A/c Dr $19,800

    Loss on sale of factory machine A/c $9,240

    Accumulated depreciation A/c Dr $36,960

            To Factory machine A/c $66,000

(Being the sale of machinery is recorded and the remaining balance is debited to the loss on sale of factory machine account)

8 0
3 years ago
Jeff is an entrepreneur who decided to start an online bakery. Since all his business will be done online and he can bake in his
nekit [7.7K]

Answer:

competition                  

Explanation:      

In simple words, competition refers to the tendency of two or more parties to perform better than one another for the sake of own personal benefits. In business, competition can be done from various perspectives like price or quality.

In the given case, Jeff has been producing at a lower cost but despite of earning high profits he is willing to sell for lower prices with the motive of competing in the market and gaining higher market share.

6 0
3 years ago
duffy company has a fiscal year ending on september 30, 2020. the adjusted trial balance at the end of the year is as follows: d
RUDIKE [14]

The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:

a.  Statement of Financial Position (Balance Sheet)

As of September 30, 2020

Assets:

Current Assets:

Cash                                            $37,400

Inventory                                        4,200

Supplies                                         6,200

Accounts Receivable                   11,000

Prepaid Insurance                        3,900    $62,700

Long-term Assets:

Land                                            70,000

Equipment                                120,000

Accumulated Depreciation      (18,600)

Patent                                        80,000

Other assets                               13,800  $265,200

Total assets                                             $327,900

Liabilities and Equity:

Current Liabilities:

Accounts payable                      42,000

Interest payable                          19,600

Salaries and wages payable      6,000

Unearned rent revenue               4,100    $71,700

Long-term Liabilities:

Mortgage payable (due 2024)                 79,000

Total liabilities                                        $150,700

Equity:

Capital                                     109,700

Retained earnings                   67,500 $177,200

Total liabilities and equity                 $327,900

b) Closing Journal Entries:

Debit Sales revenue $240,500

Credit Statement of Financial Performance $240,500

Debit Statement of Financial Performance $123,500

Credit Cost of goods sold $123,500

Debit Rent revenue $14,400

Credit Statement of Financial Performance $14,400

Debit Expenses:

Depreciation Expense $7,800

Insurance Expense $18,000

Supplies Expense $14,400

Interest Expense $12,000

Salaries and Wages Expense $21,900

Credit Statement of Financial Performance $74,100

Debit Credit Statement of Financial Performance $57,300

Credit Retained Earnings $57,300

c) Post-Closing Trial Balance

Account Titles                                 Debit        Credit

Cash                                            $37,400

Inventory                                        4,200

Supplies                                         6,200

Accounts Receivable                   11,000

Prepaid Insurance                        3,900

Long-term Assets:

Land                                            70,000

Equipment                                120,000

Accumulated Depreciation                         $18,600

Patent                                        80,000

Other assets                               13,800

Accounts payable                                        42,000

Interest payable                                           19,600

Salaries and wages payable                        6,000

Unearned rent revenue                                 4,100

Mortgage payable (due 2024)                  79,000

Capital                                                       109,700

Retained earnings                                     67,500

Totals                                  $327,900  $327,900

Data and Calculations:

Trial Balance

Cash                                            $37,400

Inventory                                        4,200

Supplies                                         6,200

Accounts Receivable                   11,000

Prepaid Insurance                        3,900

Land                                            70,000

Equipment                                120,000

Patent                                         80,000

Other assets                               13,800

Accumulated Depreciation- Equipment $18,600

Cost of goods sold                  123,500

Depreciation Expense                7,800

Insurance Expense                   18,000

Supplies Expense                     14,400

Interest Expense                      12,000

Salaries and Wages Expense 21,900

Accounts payable                                    42,000

Mortgage payable (due 2024)                79,000

Interest payable                                       19,600

Salaries and wages payable                    6,000

Unearned rent revenue                            4,100

Dividends                              4,800

Capital                                                   109,700

Retained earnings, Oct. 1, 2019            15,000

Sales revenue                                    240,500

Rent revenue                                        14,400

Totals                           $548,900   $548,900

Statement of Financial Performance (Income Statement)

For the year ended September 30, 2020

Sales revenue                       $240,500

Cost of goods sold                  123,500

Gross profit                             $117,000

Rent revenue                             14,400

Total income                          $131,400

Expenses:

Depreciation Expense               7,800

Insurance Expense                   18,000

Supplies Expense                     14,400

Interest Expense                      12,000

Salaries and Wages Expense 21,900

Total Expenses                      $74,100

Net Income                           $57,300

Statement of Retained Earnings:

Retained earnings, Oct. 1, 2019  $15,000

Net income                                    57,300

Dividends                                       (4,800)

Retained earnings, Sept. 30,    $67,500

Learn more: brainly.com/question/13408214

6 0
2 years ago
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