10-20 434 CHAPTER 6-Sales and Receivables: Products, Sales Tax, and Service Item
ID: 2542736 • Letter: 1
Question
10-20
434 CHAPTER 6-Sales and Receivables: Products, Sales Tax, and Service Items 6.13 When a customer quaifies for an early payment discount, you record the discount A On the original Invoice B. As a Journal entry C. On a new Invoice D. iIn the Sales Discount register 6.14 Payment Methods are created for A. Debit Cards B. MasterCard C. Visa D. All of the above The report that ists all of the unpaid invoices for each customer is the report. A. Customer Balance Summary B. Customer Balance Detail C. Collections report D. Open Inwoices 6.15. 6.16. A Customer Note, such as a dog's name, may be added by A. Edting the Individual Account B. Entering it in Add Nates in the Customer's Account C. Either A or B D. Entering the Note on an Invoice 6.17. A Sales Discount is calculated-sales tax A Betore B. After C. Before or After D. None of the above 6.18, when a customer returns an item from a sale on account, aln.-is completed. A. Retum Receipt B. Credit Mamo C. Invoice D. Sales Receipt 6.19. To record a sale and the paryment at the same time, you prepare ain) tom. A. Invoice B. Receive Payments C. Sales Receipt D. Both A and B 6.20. The Sales Tax Center must be set up to include the A Sales Tax Rate B. Name of the Sales Tax C. Agency collecting the Sales Tax D. All of the aboveExplanation / Answer
6.13 The correct alternative is B The alternative A is incorrect because Orginal invoice is issued before payment The alternative C is incorrect because we don't need to issue new invoice for early payment discount The alternative D is incorrect because Sales discount register is not used for early payment discount. So, the correct alternative is B, that is when we passes an journal entry. 6.14 The correct alternative ic D because all the payment listed in other three alternatives are debit cards and credit cards 6.15 The correct alternative is D The alternative A is incorrect because its speaks about customer balance summery and not unpaid invoices The alternative B is incorrect because its not about the details of customer balance but about unpaid invoices. The alternative C is incorrect because it not about collections but unpaid invoices. So the correct alternative is D that is Open Invoices which are remaining unpaid. 6.16 The correct alternative is D The alternative A, B & C are incorrect because you don't need to deal with the account. It can be done by just entering the note on an invoice. As per Chegg policy, we are supposed to answer maximum of four sub-parts of a question.
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