6. When would you use the Cheque window in QuickBooks for inventory? (1 Point) When you have received the items and choose to pay later. When you are manually adjusting inventory quantities. When you have received the items and choose to pay immediately. When you have received payment from customers
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- When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple Choice debits Cash. credits Accounts Receivable. credits Cash. debits Accounts Receivable. < Prev 29 of 50 Next T:TUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print DoneIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
- How do you find the date goods received, last day of the discount period, and end of credit period when the invoice date is April 10 and the terms are 2/10, 1/30, and n/60?In a system like QuickBooks Online, when should you create an invoice? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services but does not pay you at the time of the sale c. When a customer purchases goods or services and pays you by check or credit card at the time of the sale d. When a customer purchases goods or services, but you don't want to record the sale as finalUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page 1 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR More Info Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. 1 Sold merchandise inventory on account to Flynn Jackson, $1,240. Cost of goods, $920. Invoice no. 101. Jun. Sold merchandise inventory on account to Irene Far, $2,050. Cost of goods, $1,630. Invoice no. 102. Jun. 8 Jun. 13 Sold merchandise inventory on account to Jason Trip, $320. Cost of goods, $230. Invoice no. 103 Jun. 28 Sold merchandise inventory on account to Grace Wright, $840. Cost of goods, $640. Invoice no. 104. Print Done
- HELP MEEnter the letter for each term in the blank space beside the definition that it most closely matches. Sales discount Credit period Discount period FOB destination FOB shipping point Gross profit Merchandise inventory Purchase discount Cash discount Trade discount _______ 1.Goods a company owns and expects to sell to its customers. _______ 2.Time period that can pass before a customer’s payment is due. _______ 3.Seller’s description of a cash discount granted to buyers in return for early payment. _______ 4.Reduction below list or catalog price that is negotiated in setting the price of goods. _______ 5.Ownership of goods is transferred when the seller delivers goods to the carrier. _______ 6.Purchaser’s description of a cash discount received from a supplier of goods. _______ 7.Reduction in a receivable or payable if it is paid within the discount period. _______ 8.Difference between net sales and the cost of goods sold.…1. The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. 2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use. 3.. It is the amount of reduction allowable from the list price of goods offered for sale. 4. This is computed by deducting returns and allowances and partial payments from the invoice cost. Choices Sales Purchase invoice Purchase discount Debit memo Trade discount Drawing Trade - In Capital Purchase Allowances Sales Invoice Credit memo Cash discount
- Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…can you help with this asap please its for homeworkUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
