Asked by ANGELITA BROOKS on May 31, 2024
Verified
One way QBO enters adjusting entries is through using the Onscreen Journal. This method involves using the following process?
A) Select the Create (+) icon,then select Journal Entry to access the Onscreen Journal. Enter the Journal date,and Journal no (usually,label as AJE) . On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
B) Select the Gear icon,then select Adjustment to access the Onscreen Journal. Enter the Journal date,and Journal no. On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
C) Select the Create (+) icon,then select Adjustment to access the Onscreen Journal. Enter the Journal date,and Journal no. On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
D) The Onscreen Journal is generally not used to enter in adjustments. It does not identify adjustments clearly enough.
Onscreen Journal
An electronic or digital journal displayed on a computer screen, used for recording accounting transactions.
Adjusting Entries
Journal entries used to adjust account balances in order to reflect more accurate financial information at the end of an accounting period.
Journal Entry
A record in accounting that notes a specific financial transaction in the books.
- Understand the process and significance of entering adjusting entries in QuickBooks Online (QBO).
Verified Answer
KL
Kevin LeonardJun 05, 2024
Final Answer :
A
Explanation :
The correct process to enter adjusting entries through the Onscreen Journal in QBO is by selecting the Create (+) icon, then selecting Journal Entry. On Line 1, the account to be debited is selected from the drop-down list, and the Debit Amount and Description are entered. This same process is repeated on Line 2 for the credited account. The Journal date and Journal no are also entered. This ensures that the adjustment entries are properly recorded in the system.
Learning Objectives
- Understand the process and significance of entering adjusting entries in QuickBooks Online (QBO).