Accounting Information Systems
shanh0For 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?
·
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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