Accounting Information Systems

profileshanh0

For this module you are to complete the following assignment:

From the

QuickBooks Pro 2014

“Student Problems and Cases” book:

Project 6-3

a.

Describe the difference between Bill Payments and Checks in QuickBooks.

Bill Payments are payments due to vendors

which are setup in the system when the invoice is received to be paid at a future date; whereas Checks are written for immediate payment as of the date indicated.

b.

What are the accounting debits and credits when transactions are processed using

Bill Payments

The debits will be either the Inventory, Fixed Asset,

or Expense accounts; whereas

the credit will be the

Accounts Payable account

c.

What are the accounting debits and credits when transactions are processed using

Checks?

The debits will be either the Accounts Payable, Inventory, Fixed Asset, or Expense

accounts; whereas the credit will be the Checking or the Discount/Credit accounts

d.

What was the total of cash disbursements

through Bill Payments for the fiscal year-

to-date ended 12/31/2016? What wad the amount of the largest disbursement in

September 2016?

e.

Was Check No. 286 for the purchase of in

ventory or something else? How did you

determine this?

f.

Answer the following questions for the

payment to McClain Appliances in the

amount of $3,828.70 on Check No. 366 (in Bill Payments).

·

What was the invoice number

for the purchase and the date the inventory was

received?

Inv #39482; the inventory was received on 7/29/2016

·

What were the discount terms of the purchase?

7/27/14

·

What was the purchase order number for the purchase and the date of the

purchase order?

·

Did Rock Castle Construction take the discount and was it appropriate for them

to do so?

·

Did Rock Castle Construction receive all of the inventory that was ordered?

g.

How many cash accounts were used to

record cash disbursements during the

current fiscal year?

h.

How many cash disbursement transactions in November 2016 were recorded

without having been previously recorded as an accounts payable and what was the

largest amount?

i.

What were the account numbers debited and credited for Check No. 425?

.

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