Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Please help with the following question in regards with accounting homework:
Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021.
Balance the account.
Please follow up on the format and information attached , god bless you
On January 2, 2019, Quo Inc. hired Reed as its controller. During the year， Reed, working closely with Quo’s president and ottside accountants, made changes in accounting policies, corrected several errors dating from 2018 and before, and instituted new accounting policies. Quo's 2019 financial statements will be presented in comparative form with its 2018 financial statements. Items a through i represent Quo’s transactions.
1. Indicate how Quo should classify each transaction. 2. Indicate the proper accounting treatment ( retrospective adjustment, prior period adjustment, prospective) for each transaction.
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for acumulation of costs, revenues, and expenses.
In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate.
Respond to the following in a minimum of 175 words:
*Why do you think the A/P clerk needs the New Expenses account?
* Who needs to know this information and what action should you consider?
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- Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to RS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December 31. Office supplies on hand at December 31 amount to RS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On…arrow_forwardThe Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount toRS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December31. Office supplies on hand at December 31 amount toRS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72months). On…arrow_forwardThe Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to RS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December Office supplies on hand at December 31 amount to RS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On…arrow_forward
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