Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following are two ways to start a credit memo in QuickBooks Online?

Go to the Chart of Accounts and select 'New Credit Memo', or use the 'Banking' tab to create a credit memo

Access the 'Vendors' menu and select 'Credit Memo', or use the 'Inventory' tab to create a credit memo

Click 'Reports' and generate a credit memo, or use the 'Payroll' section to issue a credit memo

Select 'New' and choose 'Credit Memo', or open a customer's profile and click 'New transaction' > 'Credit Memo'

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Verified step by step guidance

Step 1: Understand the purpose of a credit memo in QuickBooks Online. A credit memo is used to record a reduction in the amount owed by a customer, often due to returns, discounts, or billing errors.

Step 2: Familiarize yourself with the navigation options in QuickBooks Online. Credit memos can be created through specific menus and customer profiles.

Step 3: Option 1: Navigate to the 'New' button on the QuickBooks Online dashboard. From the dropdown menu, select 'Credit Memo' to initiate the creation of a credit memo.

Step 4: Option 2: Open a customer's profile by accessing the 'Customers' section. Once in the profile, click 'New transaction' and select 'Credit Memo' from the dropdown menu.

Step 5: Verify the correct method for creating a credit memo by ensuring you are using either the 'New' button or the customer's profile as described above, and avoid incorrect options such as 'Reports', 'Payroll', or 'Inventory' tabs.