Question: When the payroll feature is activated, QuickBooks automatically creates two default general ledger accounts: Payroll Payable and Payroll Expenses. QuickBooks automatically creates the complete Payroll

When the payroll feature is activated,
QuickBooks automatically creates two default general ledger accounts: Payroll Payable and Payroll Expenses.
QuickBooks automatically creates the complete Payroll Settings.
the company file is ready for payroll transactions to be recorded.
QuickBooks automatically creates all the payroll accounts necessary.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

21. When the Payroll feature is activated, QuickBooks automatically creates which two default general ledger accounts a. Social Security and Medicare Liabilities and Expense. b. Payroll Liabilities...

Q:

23. Which of the following is only offered by QuickBooks' Full Service Payroll? a calculating FICA tax b. filing and remitting of taxes c. direct deposit d. calculating net pay 24. Which of the...

Q:

chapter 10 payroll setup quiz True/False Indicate whether the statement is true or false. ____ 1. Company Contributions are paid to the employee. ____ 2. Most QuickBooks users should prepare payroll...

Q:

QUESTION 25 Which of the following is not an available button at the Glad you're here page when you begin setup? Preview Your Settings Create Company Create Chart of Accounts All of the choices are...

Q:

When the payroll feature is activated, a . QuickBooks automatically creates the complete Payroll Settings. b . QuickBooks Online automatically creates two default general ledger accounts: Payroll...

Q:

i want to know how todo#3 for quick books 2015 step by step Comprehensive Problem to accompany Computerized Accounting Using QuickBooks 2015 by Kathleen Villani and James B. Rosa On January 1, 2017,...

Q:

PROJECT SPECIFICATIONS The information provided in this test allows you to set up the General, Payables and Receivables ledgers for an Ontario company named GEORGE'S WELDING owned and run by Chris...

Q:

Can you kindly show me the journal entries for this project? Final Project 1 Computerized Accounting with Sage 50 Level 1 CAA4 Copyright 2017 Project Code: CAA4 v3-0 Project 1 Released: July 31, 2012...

Q:

hi i just need the correct journal entries for this project on pp. 8-10 need help. thanks Final Project 1 Computerized Accounting with Sage 50 Level 1 CAA4 Copyright 2017 Project Code: CAA4 v3-0...

Q:

Question 2 of 35 Which of the following best describes the purpose of maintenance releases? A They cannot be shared on a network B They are released once a year to add new features and product...

Q:

A balloonist, riding in the basket of a hot air balloon that is rising vertically with a constant velocity of 11.0 m/s, releases a sandbag when the balloon is 28.6 m above the ground. Ignoring air...

Q:

If you bought this bond, would you be more likely to earn the YTM or the YTC? Why?

Q:

Current Attempt in Progress Ivanhoe Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD . One coupon is issued for each dollar of sales. On the surrender of 1 0 0...

Q:

You invested $4,500 in a mutual fund exactly 39 months ago when the NAV of the fund was $31.80. You have not acquired or sold any shares since that time. However, the fund paid a special distribution...