Final answer:
The QBO task used to record accruals and deferrals is Make Journal Entry (B). This feature allows you to adjust accounts to accurately represent income and expenses in the period they're incurred, following the accrual basis of accounting.
Step-by-step explanation:
The task in QuickBooks Online (QBO) used to record accruals and deferrals is B) Make journal entry. Accruals are adjustments for revenues that have been earned but not yet recorded, and expenses that have been incurred but not yet recorded. Deferrals involve income or expenses that have been received or paid but not yet earned or used. For instance, if you receive an advance payment for services to be provided in the future, you defer the recognition of that income until the service is performed.
To record an accrual or deferral in QBO, you would use the Make Journal Entry feature to adjust your accounts accordingly. This ensures that financial statements reflect revenue and expenses in the correct accounting period, aligning with the accrual basis of accounting, which matches revenues with expenses in the period in which they’re incurred regardless of when cash transactions occur.
Here are examples of journal entries for accruals and deferrals: