After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.

Question

Quizplus · Accepted Answer

The opening adjustment should be made in the Opening Balance Equity account, which is a temporary account used to record any imbalances between the assets, liabilities, and equity accounts when transitioning to a new accounting system or data file. Moving a balance from an uncategorized account to the Capital Stock account would not be appropriate and would distort the company's financial statements. Therefore, the correct choice is C, Opening Balance Equity.

After Creating a New QuickBooks Data File for an Existing