Question

In: Accounting

Questions from Ch 2 of 9780763865061. I understand there is no solution manual for that Quickbooks...

Questions from Ch 2 of 9780763865061. I understand there is no solution manual for that Quickbooks textbook.

Please confirm the following is correct.

Vendor—someone from whom the business buys goods or services

Vendor center—contains a file for all vendors with whom the company does business

Unpaid Bills report—a report that lists all unpaid vendor bills at a specific date

Credit memo—processed through the Enter Bills window to reflect a reduction of the vendor’s liability due to a credit for return or allowance

Pay Bills window—Activity window used to record vendor bills to be paid at a later date

Journal report—Activities displayed in general journal format for a specified period of time

Vendor Contact List report—Report that lists all vendors from which the company buys goods and services

System Default account—A pre-identified general ledger account that increases or decrease automatically depending on the type of transaction entered.

Enter Bills window—Activity window used to record cash purchase of goods or services from a vendor

Write Checks window—Activity window used to pay bills previously entered in the Enter Bills window

Solutions

Expert Solution

1. In Quickbooks vendor refers to any person or company anytime the company pay or receive a refund from them for good or services. Which is actually any person, business or company which sells goods or services.

2. Vendor center holds all the information of the vendors that the company does business with.

3. Unpaid bills report shows the past due bills, invoices and how much the company owes to the vendors.

4. A credit memo is an introduction of a document issued by the seller to reduce the pay burden of the vendor in case of return or allowance under the terms of previous invoices.

5. Pay bills window is for the activities which are identified as purchase on acount and to be paid on later date.

6. Journal report provides a detailed information of debit, credit of each transaction. The report can be of single journal entry or multiple journal entry, based on the demand and customisation.

7. Vendor Contact List Report shows the detailed information and contacts of the vendors that the company does business with.

8. Accounts created by Quickbooks to be used in windows or in journal entries, identified earlier to be automatically offset or increase the balance of that account, depends on the type of transaction.

9. When any bill arrive, it is prime and foremost work to record it. And to track any bill by expense or item, that bill is to recorded using the enter bills window.

10. Write check window is used for the bills to be immediately paid off or have been paid of earlier. It is to be noted that for bills to be paid of at later stage of time, use the pay bills window, don't use write check window.

I hope you got the clarification of every points you have mentioned, Still if any doubt, ask in the comment section without any hesitation. I'll be delighted to help. Thanks.


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