Create journal entry for each vendor

Assignment Help Accounting Basics
Reference no: EM132646624

Quickbooks Online Advanced Question - Michael's Yoga Studio have been entering bills for their purchases as they come in. They pay multiple bills once a week. They use Bank Feeds to record these transactions, posting to Cost of Goods Sold. They are an accrual-based company.

What is best practice to remedy this with a minimum amount of work?

Create journal entry for each vendor.

Create vendor credits for each open bill.

Create one journal entry, with lines for each vendor.

Use the Batch Delete tool, and delete all the open bills.

Reference no: EM132646624

Questions Cloud

What is your profit-maximizing price : Assume the price elasticity of demand for physicians' services is -0.2. If your marginal cost per visit is $20, what is your profit-maximizing price
Virtual desktop infrastructure : You are expected to do research and post your findings on the pros and cons of implementing and using a virtual desktop infrastructure.
What price do you charge the public : Your firm spent $100 million developing a new drug. What price do you charge the public? What would happen to profits if you charged twice as much
United states government currently operates : Which model of bureaucracy best explains the way the United States government currently operates? Why?
Create journal entry for each vendor : Quickbooks Online Advanced Question - What is best practice to remedy this with a minimum amount of work? Create journal entry for each vendor
Describe market for telephony services : Describe the market for telephony services prior to the enactment of the 1996 Telecommunication Act in Germany.
What was the company Days Outstanding in Inventory : Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 8.8. What was the company's Days Outstanding in Inventory
Coso framework of internal controls is practiced : The COSO framework of internal controls is practiced within companies around the world.
How much be reported in Dax statement of financial : How much should be reported in Dax December 31, 2020 statement of financial position as current and non-current assets, respectively

Reviews

Write a Review

Accounting Basics Questions & Answers

  Jordan paid 30000 for equipment two years ago and has

jordan paid 30000 for equipment two years ago and has claimed total depreciation deductions of 15600 for the two years.

  Calculate the contribution per labor minute

Calculate the contribution per labor minute for each product. Determine the best product mix

  Calculate the balance of Mortgage Payable

The note will be paid in equal annual installments of $29,066?, beginning January? 1, 2019. Calculate the balance of Mortgage Payable

  What is total paid-in capital based on the given above

Preferred Stock (10,000 shares authorized), $100 par $173,000 - What is total paid-in capital based on the information above

  Risk level equivalent to that of overall market

Your portfolio has a beta of 1.54. The portfolio consists of 16 percent U.S. Treasury bills, 34 percent stock A, and 50 percent stock B. Stock A has a risk level equivalent to that of the overall market. What is the beta of stock B?

  Discuss c-corporation creates a plan of redemption

A single shareholder of a C-corporation creates a plan of redemption whereby the C-corporation will redeem his stock for cash

  Determining the variable overhead efficiency variance

The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?

  What is the major distinction

What is the major distinction?

  Contrast balance sheet quality with earnings quality

Examine the role of the executive leadership team (e.g., CEO and CFO) in establishing an ethical environment and corporate culture that promotes high quality

  Prepare the journal entries required to adjust the

prepare the journal entries required to adjust the inventory records at year-end assuming that marios uses the

  Suppose for an additional 5 per mailbox per month mailcom

bkfin.com provides banks access to sophisticated financial information and analysis systems over the web. the company

  Average water consumption per family in city

An experimenter wants to estimate the average water consumption per family in a city. Discuss the relative merits of choosing individual families, dwelling units (single-family houses, apartment buildings, etc.), and city blocks as sampling units.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd