1. Soar, Inc., is an ongoing business with many historical transactions. What do you advise regarding recording the

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

1. Soar, Inc., is an ongoing business with many historical transactions. What do you advise regarding recording the

Post by answerhappygod »

1. Soar, Inc., is an ongoing business with many historical transactions. What do you advise regarding recording these transactions in the company’s newly converted QBO company file?
A. All historical transactions will migrate to QBO regardless of the prior accounting software used.
B. Prepare a journal entry for all historical transactions impacting income statement accounts.
C. You can create a new transaction form for each opening balance.
D. It’s best to keep those old transactions in a separate file, such as an Excel workbook.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”