Question 1

When a return is made for a Sales Receipt, a is completed.&#10;A)Sales Receipt Return&#10;B)Credit Memo&#10;C)Refund Receipt&#10;D)Voided Transaction

Accepted Answer

C

Question 2

In QuickBooks Online, the Accounts Receivable register replaces the Sales Journal.

Accepted Answer

The Accounts Receivable register in QuickBooks Online is used to track money owed by customers, while the Sales Journal records all sales transactions. They serve different purposes and one does not replace the other.

Question 3

The Customer Balance Summary shows the balances for all customers who owe the company money.

Accepted Answer

The Customer Balance Summary is a report that lists all customers with outstanding balances, showing how much each customer owes the company.

Question 4

Cash is the only payment method accepted for a Cash Sale.

Accepted Answer

Other payment methods such as credit cards, debit cards, or mobile payments can also be accepted for a cash sale, depending on the seller's payment policies. The term "cash sale" often simply means the sale is for immediate payment, not necessarily that it must be paid with physical cash.

Question 5

The current date is always printed on .&#10;A)Customer Balance Detail&#10;B)Bank Deposit Summary&#10;C)Transaction List&#10;D)Journal

Accepted Answer

The answer of The current date is always printed on...

Question 6

A sale on account means that the sale was paid for at the time of purchase.

Accepted Answer

A sale on account means that the sale was not paid for at the time of purchase, but rather the customer has an account and will be billed at a later date.

Question 7

A new sales item may be entered when recording a sale on an invoice.

Accepted Answer

When recording a sale on an invoice, it is possible to enter a new sales item that may not have been previously recorded. This allows for flexibility and easy customization of invoices for different customers and transactions.

Question 8

When a customer on account pays his bill you record a(n) .&#10;A)Sales Receipt&#10;B)Payment Receipt&#10;C)Credit Memo&#10;D)Invoice

Accepted Answer

When a customer on account pays his bill, you record a payment receipt. This will document the payment and update the customer's account balance. A sales receipt is used when a customer pays at the time of purchase, a credit memo is used to issue a refund or credit to a customer, and an invoice is used to bill a customer for goods or services rendered.

Question 9

A sale on account is recorded on a(n) .&#10;A)Invoice&#10;B)Receive Payment&#10;C)Sales Receipt&#10;D)Charge Account Receipt

Accepted Answer

A sale on account involves billing the customer for payment at a later date. This is typically done through an invoice which records the details of the sale including the item(s) or service(s) provided, date, and amount owed by the customer. The other options, such as a Receive Payment and Sales Receipt, are used to record payments made by the customer at the time of purchase. A Charge Account Receipt is not typically used in accounting for sales transactions.

Question 10

When an invoice is it is removed from the customer's register.&#10;A)Voided&#10;B)Deleted&#10;C)Edited&#10;D)Paid

Accepted Answer

The answer of When an invoice is it is removed...

Deck 3: Focus on Receivables When Providing Services