Deck 3: Sales and Receivables: Service Items

Question 1

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

Answer 1

True

Question 2

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

Answer 2

True

Question 3

When a return is made for a Sales Receipt, a is completed.

A) Sales Receipt Return
B) Credit Memo
C) Refund Receipt
D) Voided Transaction

Answer 3

C

Question 4

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

Question 5

When a customer on account pays his bill you record a(n) .

A) Sales Receipt
B) Payment Receipt
C) Credit Memo
D) Invoice

Question 6

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

Question 7

To see every transaction in Debit/Credit format, you prepare a report.

A) Customer Balance Detail
B) Transaction List
C) Trial Balance
D) Journal

Question 8

In QuickBooks Online, invoices replace the Sales Journal.

Question 9

When an invoice is it is removed from the customer's register.

A) Voided
B) Deleted
C) Edited
D) Paid

Question 10

A sale on account is recorded on a(n) .

A) Invoice
B) Receive Payment
C) Sales Receipt
D) Charge Account Receipt