Question

Question 1- The Chart of Accounts is a list of accounts used by the company. The accounts can be grouped into different categories. Using the list provided indicate the QuickBooks Account Type for each of the following accounts appearing in Craig’s Chart of Accounts

Bank       Account Receivable       Other Current Assets       Fixed Assets
Accounts Payable       Credit Card       Other Current Liabilities       Equity  
Income       Cost of Goods Sold       Expenses       Other Income      
Other Expenses

Account   Account Type
Bank Charges   Expenses
Meals & Entertainment  
Accounts Receivable  
Maintenance & Repairs  
Landscaping Services-Job Materials  
Equipment Rental  
Accounts Payable  
MasterCard  
Savings  
Loan Payable  
Inventory Asset  
Opening Balance Equity  
Retained Earnings  
Interest Earned  
Design Income  
Landscaping Services-Labour  
Undeposited Funds  
Cost of Goods Sold  
Notes Payable  
Legal & Professional Fees  
Rent or Lease  
Utilities  
Billable Expense Income  
Landscaping Services  

Question 2- Using the list provided what is the transaction type for the following transactions.

Banking   Customer & Sales   Vendor & Expenses   Employee & Payroll
Transaction   Transaction Type
Transfers   Banking
Weekly Timesheet  
Credit Card Credit  
Purchase Order  
Estimate  
Bill  
Invoice  
Receive Payment  
Deposit  
Sales Receipt  
Credit Memo  
Pay Bill  

Question 3- Using the list provided which QuickBooks List would you use for the following transactions.

Customer List       Vendor List       Employee List        Recurring Transaction List

Transaction   QuickBooks List
Weekly Payroll   Employee List
Expense  
Credit Card Credit  
Invoice  
Estimate  
Bill  
Purchase Order  
Bills  
Receive Payment  
Saved Deposit Transaction  
Sales Receipt  
Check  

Question 4-Using the list provided match the following customer and sales transaction with the description of the transaction.

Invoice       Receive Payment   Estimate   Credit Memo   Sales Receipt   Refund Receipt
Delayed Credit        Delayed Charge

This onscreen form used when we need to record a credit, or reduction, in the amount the customer is charged. Credit Memo

An onscreen form used to record a sales transaction when the customer pays at the time of sale when the product or service is provided to the customer

A sales transaction recorded when the product or service provided to the customer and the customer promises to pays later

This onscreen form is used when we give the customer a refund

This onscreen form is used to record the transaction when the customer pays its account with cash, check, credit card or online payment.

A form used to record a pending credit to a customer that will occur at a specified future date.

This onscreen form is used to record projected cost of products and services to be provided to a customer in the future

An onscreen form used to record a pending charge to a customer that will occur at a specific future date.

Question 5-Using the list provided match the following vendor and expense transaction with the description of the transaction.

Expense       Check       Bill       Pay Bills       Purchase Order
Vendor Credit   Credit Card Credit

The form used to select bills we want to pay. Pay Bills

The form used to order and track products from vendors

The onscreen form used to record products and services that we pay for at the time we received the product or service with cash, credit card or check

The form used when a vendor gives us a refund or reduction in our bill in what we owe the vendor

This form can be used when we pay for products and service at the time of purchase, but cannot be used when we pay with cash or credit card

A form used to record a reduction in charges by the vendor to our credit card

The onscreen form used to record bills we received and the obligation to pay the vendor later (accounts payable)

Answer 1

In the books of Craig\s Books of Accounts, following is categorized in the table below

Using the categories - Bank       Account Receivable       Other Current Assets       Fixed Assets
Accounts Payable       Credit Card       Other Current Liabilities       Equity  
Income       Cost of Goods Sold       Expenses       Other Income      
Other Expenses

Account	Quick Books
Bank Charges	Expenses
Meals & Entertainment	Other Expenses
Accounts Receivable	Account Receivable
Maintenance & Repairs	Expenses
Landscaping Services-Job Materials	Expenses
Equipment Rental	Other Expenses
Accounts Payable	Accounts Payable
MasterCard	Other Current Assets
Savings	Bank
Loan Payable	Accounts Payable
Inventory Asset	Other Current Assets
Opening Balance Equity	Equity
Retained Earnings	Equity
Interest Earned	Income
Design Income	Other Income
Landscaping Services-Labour	Expenses
Undeposited Funds	Other Current Assets
Cost of Goods Sold	Cost of Goods Sold
Notes Payable	Other Current Liabilities
Legal & Professional Fees	Other Expenses
Rent or Lease	Other Expenses
Utilities	Expenses
Billable Expense Income	Expenses
Landscaping Services	Expenses

Using the Categories Banking   Customer & Sales   Vendor & Expenses   Employee & Payroll

Transfers	Banking
Weekly Timesheet	Employee & Payroll
Credit Card	Banking
Purchase Order	Vendor & Expenses
Estimate	Customer & Sales or Vendor & Expenses
Bill	Customer & Sales or Vendor & Expenses
Invoice	Customer & Sales or Vendor & Expenses
Receive Payment	Banking
Deposit	Banking
Sales Receipt	Customer & Sales
Credit Memo	Vendor & Expenses
Pay Bill	Banking

Using the categories -   

Customer List       Vendor List       Employee List        Recurring Transaction List

Weekly Payroll	Employee List
Expense	Recurring Transaction List
Credit Card Credit	Recurring Transaction List
Invoice	Vendor List
Estimate	Customer List   or Vendor List
Bill	Customer List   or Vendor List
Purchase Order	Vendor List
Bills	Customer List   or Vendor List
Receive Payment	Recurring Transaction List
Saved Deposit Transaction	Recurring Transaction List
Sales Receipt	Customer List
Check	Employee List or Vendor List or Customer list

Using the categories Invoice       Receive Payment   Estimate   Credit Memo   Sales Receipt   Refund Receipt
Delayed Credit        Delayed Charge

This onscreen form used when we need to record a credit, or reduction, in the amount the customer is charged. Credit Memo

An onscreen form used to record a sales transaction when the customer pays at the time of sale when the product or service is provided to the customer  Receive Payment

A sales transaction recorded when the product or service provided to the customer and the customer promises to pays later   Sales Receipt

This onscreen form is used when we give the customer a refund Refund Receipt

This onscreen form is used to record the transaction when the customer pays its account with cash, check, credit card or online payment.   Sales Receipt

A form used to record a pending credit to a customer that will occur at a specified future date. Delayed Credit

This onscreen form is used to record projected cost of products and services to be provided to a customer in the future Estimate  

An onscreen form used to record a pending charge to a customer that will occur at a specific future date.   Delayed Credit

Four Questions are answered as nothing specified in how much to answer. Thanks !!!