When Setting Up an Existing Company in QuickBooks, Which of the Following

question 8

Multiple Choice

When setting up an existing company in QuickBooks, which of the following opening adjustments require journal entries?

• A)When accounts payable opening balances create Uncategorized Expenses
• B)When the Customer List is created
• C)When payroll entries are added
• D)None of these

---

Definitions:

Trial Balance

A bookkeeping worksheet wherein the balances of all ledgers are compiled into debit and credit account columns to check for the arithmetic accuracy of the accounts.

Debit Column

In bookkeeping, the column in an account where debits are recorded, typically on the left-hand side.

Assets

Economic resources owned or controlled by a business or individual, expected to bring future benefits.

Expenses

The costs incurred in the process of generating revenues, including costs like rent, salaries, and utilities.