Chapter_3_Q_M_Solutions ACC65.pdf

6 when you add a beginning balance to accounts

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6. When you add a beginning balance to accounts receivable you must also identify the name of the customer who owes you. 7. When you add a beginning balance to accounts payable you must also identify the name of the vendor you owe. 8. Retained Earnings is the additional account used when closing the Opening Balance Equity account. 9. Type Balance Sheet into the Go to report search text box, then press [ Enter ]. 10. Click the balance in the account line of the Balance Sheet report to view the Transaction Report. Chapter 3 Matching a. Transactions report e Entity to whom you sell products/services b. Balance Sheet d Account used to offset beginning balances adjustments c. Journal entry g Merchandise a company purchases from a vendor d. Opening Balance Equity h Efforts made by a company to add value to a customer e. Customer b A listing of asset, liability, and equity account balances as of a specific date f. Vendor i Dictates where an account appears in all reports g. Product a Transactions for an account for a specified period h. Service f Entity from whom you purchase products/services i. Category Type j Checking j. Detailed type example c Commonly used to adjust accounts
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