Exam 7: Focus on Payables When Purchasing and Paying for Inventory Items, Prepare Purchase Orders, Use a Company Credit Card, Record Purchase and Merchandise Discounts, Make Sales Tax Payments

Explore all topics

A credit card purchase is recorded on a(n) form.

Free

(Multiple Choice)

4.8/5

(34)

Question 1

Correct Answer:

Verified

When taking an early payment discount for the purchase of merchandise, the discount amount is recorded on the .

Free

(Multiple Choice)

4.8/5

(38)

Question 2

Correct Answer:

Verified

When recording an early payment discount on inventory items, you use the account.

Free

(Multiple Choice)

5.0/5

(34)

Question 3

Correct Answer:

Verified

The Payee is the person or company making a payment.

(True/False)

4.9/5

(33)

Question 4

If you ordered an inventory item, 10 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay in sales tax.

(Multiple Choice)

4.9/5

(39)

Question 5

A purchase return paid for by credit card is recorded as a Vendor Credit.

(True/False)

4.7/5

(38)

Question 6

The Sales Tax Liability report is prepared in the .

(Multiple Choice)

4.9/5

(41)

Question 7

When you do not receive the entire amount of inventory items ordered, you prepare a Purchase Order for the amount on backorder.

(True/False)

4.8/5

(32)

Question 8

A bill may be paid using cash, a check, or a company credit card.

(True/False)

4.9/5

(44)

Question 9

A Purchase Order is prepared to order inventory items to sell.

(True/False)

4.8/5

(39)

Question 10

Showing 1 - 10 of 10

A credit card purchase is recorded on a(n) form.

When taking an early payment discount for the purchase of merchandise, the discount amount is recorded on the .

When recording an early payment discount on inventory items, you use the account.

The Payee is the person or company making a payment.

If you ordered an inventory item, 10 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay in sales tax.

A purchase return paid for by credit card is recorded as a Vendor Credit.

The Sales Tax Liability report is prepared in the .

When you do not receive the entire amount of inventory items ordered, you prepare a Purchase Order for the amount on backorder.

A bill may be paid using cash, a check, or a company credit card.

A Purchase Order is prepared to order inventory items to sell.

An Introduction to Quickbooks Online and Applying for the Educational Trial Version of Quickbooks Online

Create a Company in Quickbooks Online and Activate the Educational Trial Version of Quickbooks Online

Focus on Receivables When Providing Services

Focus on Payables When Providing Services

End-Of-Period Procedures Including Adjusting Entries, Owner Withdrawals and Investments, and Closing Entries

Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks

End-Of-Period Procedures, Make Inventory Adjustments, Prepare Budgets, and Record Closing Entries

Payroll

Payment Methods, Inventory, Reports, and More

Filters