Q7-5. Rock Castle Construction-Sale of Inventory, Return, and Collection Require

Question

Q7-5. Rock Castle Construction-Sale of Inventory, Return, and Collection Required Which of the following includes the correct Home Page icon, document printed, transaction listing in the Customer Center affected, and master file(s) affected by the sale of inventory to a customer on account (credit sale)? a. 1. Create Invoices (Home Page icon); Credit Memo (document printed); Invoices (transaction listing affected); Accounts Receivable (master file affected). 2. Create Invoices (Home Page icon); Invoice (document printed): Received Payments (transaction listing affected); Accounts Receivable and Inventory (master files affected). 3. Receive Payments (Home Page icon): Invoice (document printed); Invoices (transaction listing affected); Accounts Receivable and Inventory (master files affected). 4. Create Invoices (Home Page icon), Invoice (document printed); Invoices (transaction listing affected); Accounts Receivable and Inventory (master files affected). Which of the following includes the correct Home Page icon, document printed, transaction listing in the Customer Center affected, and master file(s) affected by the return of goods by a customer who previously purchased the goods through a credit sale? b. Refunds &Credits; (Home Page icon): Credit Memo (document printed); Invoices (transaction listing affected); Accounts Receivable (master file affected). 1. 2. Refunds &Credits; (Home Page icon); Credit Memo (document printed); Credit Memos (transaction listing affected); Accounts Receivable and Inventory (master files affected). 3. Refunds & Credits (Home Page icon); Credit Memo (document printed); Credit Memos (transaction listing affected); Accounts Receivable (master file affected). 4. Create Invoices (Home Page icon): Credit Memo (document printed); Invoices (transaction listing affected); Accounts Receivable and Inventory (master files affected).

Explanation / Answer

a. Correct answer is Option 4 i.e. Create Invoices (Home Page icon), Invoice (document printed) ; Invoices (transaction listing affected); Accounts Receivable and Inventory (master files affected).

b. Correct answer is Option 2 i.e. Refunds and Credits (Home Page icon); Credit memo (document printed) ; Credit memos (transaction listing affected) ; Accounts Receivable and Inventory ( master files affected).

c. Correct answer is Option 1 i.e. Receive Payments(Home Page icon); Payment Receipt (document printed); Received payments(transaction listing affected) ; Accounts Receivable (master file affected)

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