Question 1
Review Frannie food Emporium case study:
Franny food Emporium sells both taxable and non-taxable items they use the Z tape from
their register which details the day sales and payment totals to enter receipts using a sales
receipt and QuickBooks online they hold their cash and checks to make a deposit once a
week.
Their MasterCard and Visa payments are reported together on the Z tape, but activity needs
to be grouped together into one deposit in QuickBooks online.
ANSWER
Retail sales taxable 2376.90
Retail sales non-taxable 439.22
Sales tax 222.24
Total sales 3038.36
Cash $548.25
Checks $1256.30
MC/visa $953.22
Amex $280.59
Question 2
When setting up the retail sales taxable product/service item income account field, which
account should be selected?
ANSWER
Sales of product income
1
,Question 3
Nondenominational worship of America needs to allocate utilities to the different funds that
are set up as classes. They also have set up a class named to be allocated and a service item
that post to utilities expense.
How do you recommend they use a clearing account to allocate the utilities?
ANSWER
By posting the expenditure using the utilities item and the to be allocated class. At month
end they should use a zero dollar expense and allocate total utilities for the month to the
funds as a positive number and to the Tubi allocated class as a negative number using the
utilities item
Question 4
Brittany's baskets has informed you that one of its customers has bounced a check. The bank
indicates the check was returned for insufficient funds. The bank is charging a $35 return
check fee and she's going to charge the customer for it. Based on the training, what is one of
the steps Brittany should take?
ANSWER
Create an invoice, using a bounced check and bounced check fee item
Question 5
When recording a field payment why do you need to deselect the original invoice in the
original receive payment transaction?
ANSWER
To reset the aging of the original invoice
Question 6
2
, Which of these methods for recording and tracking customer retainers in accordance with
generally accepted accounting principles?
ANSWER
Using an unearned income liability account
Question 7
Chen at Chen automotive purchase as much of his stock from overseas. Some of these
shipments take six months or more to get to him. Because of this long leadtime, his vendors
require a 60% deposit at the time of order which is a significant dollar amount. Up Until now
he's been entering a bill for all the inventory items and paying 60% of the bill. His last
bookkeeper has left and he hired you to review and fix his books if necessary and advise him
on correct procedures to use going forward.
ANSWER
Set up a vendor prepayment account and post the initial payment against the same account
Question 8
A client needs to allocate utilities to the different funds that are set up as classes. They also
have set up a class name to be allocated. How do you recommend they allocate the utilities?
ANSWER
By posting the expenditure to the utilities expense and the Tubi allocated class at month and
they should use a zero dollar expense and allocate total utilities for the month to the funds
as a positive number and to the to be allocated class as a negative number using the utilities
account
Question 9
A client is using a payroll service that doesn't integrate with QuickBooks online every month.
They need to allocate the previously recorded wage expenses to multiple jobs some of
which need to be billed to customers. What is the most efficient way to do this with
QuickBooks online?
3
Review Frannie food Emporium case study:
Franny food Emporium sells both taxable and non-taxable items they use the Z tape from
their register which details the day sales and payment totals to enter receipts using a sales
receipt and QuickBooks online they hold their cash and checks to make a deposit once a
week.
Their MasterCard and Visa payments are reported together on the Z tape, but activity needs
to be grouped together into one deposit in QuickBooks online.
ANSWER
Retail sales taxable 2376.90
Retail sales non-taxable 439.22
Sales tax 222.24
Total sales 3038.36
Cash $548.25
Checks $1256.30
MC/visa $953.22
Amex $280.59
Question 2
When setting up the retail sales taxable product/service item income account field, which
account should be selected?
ANSWER
Sales of product income
1
,Question 3
Nondenominational worship of America needs to allocate utilities to the different funds that
are set up as classes. They also have set up a class named to be allocated and a service item
that post to utilities expense.
How do you recommend they use a clearing account to allocate the utilities?
ANSWER
By posting the expenditure using the utilities item and the to be allocated class. At month
end they should use a zero dollar expense and allocate total utilities for the month to the
funds as a positive number and to the Tubi allocated class as a negative number using the
utilities item
Question 4
Brittany's baskets has informed you that one of its customers has bounced a check. The bank
indicates the check was returned for insufficient funds. The bank is charging a $35 return
check fee and she's going to charge the customer for it. Based on the training, what is one of
the steps Brittany should take?
ANSWER
Create an invoice, using a bounced check and bounced check fee item
Question 5
When recording a field payment why do you need to deselect the original invoice in the
original receive payment transaction?
ANSWER
To reset the aging of the original invoice
Question 6
2
, Which of these methods for recording and tracking customer retainers in accordance with
generally accepted accounting principles?
ANSWER
Using an unearned income liability account
Question 7
Chen at Chen automotive purchase as much of his stock from overseas. Some of these
shipments take six months or more to get to him. Because of this long leadtime, his vendors
require a 60% deposit at the time of order which is a significant dollar amount. Up Until now
he's been entering a bill for all the inventory items and paying 60% of the bill. His last
bookkeeper has left and he hired you to review and fix his books if necessary and advise him
on correct procedures to use going forward.
ANSWER
Set up a vendor prepayment account and post the initial payment against the same account
Question 8
A client needs to allocate utilities to the different funds that are set up as classes. They also
have set up a class name to be allocated. How do you recommend they allocate the utilities?
ANSWER
By posting the expenditure to the utilities expense and the Tubi allocated class at month and
they should use a zero dollar expense and allocate total utilities for the month to the funds
as a positive number and to the to be allocated class as a negative number using the utilities
account
Question 9
A client is using a payroll service that doesn't integrate with QuickBooks online every month.
They need to allocate the previously recorded wage expenses to multiple jobs some of
which need to be billed to customers. What is the most efficient way to do this with
QuickBooks online?
3
