Quiz 8: January Source Documents

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

To edit an account, go to Recent Transactions and drill down.

Vendor terms are Net 60.

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

Do not delete a check if the check number has been used or if the check was printed.

In QuickBooks you can void a check if it was lost in the mail or never cashed.

In QBO, tracking inventory is automatically done.

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

The Accounts Payable Aging report shows that status of what you owe to vendors.

If the debits do not equal the credits, QBO will allow you to post the transaction.

To record vendor payments, use these steps: A)+ for the Settings Menu > Credit Memo. B)Vendors page > Make payment. C)Gear > Manage Users. D)Magnifying-glass icon > go to Recent Transactions. E)None of these.

Use this source document for issuing checks: A)Invoice. B)Sales Receipts. C)Credit card receipts. D)Transaction register. E)None of these.

When recording Sales Receipts, use these steps: A)+ > Invoice. B)+ > Receive Payment. C)+ > Bill. D)+ > Transfer E)None of these.

When recording customer payments, use these steps: A)Customers > Vendors > Make payment. B)+ Sales Receipts. C)Gear > Manage Users. D)Customers page > Receive payment. E)None of these.

Vendor purchases on account are recorded on this page: A)Journal entry. B)Invoice. C)Bill. D)Sales Receipt. E)None of these.

Sales on account to customers are recorded on this page: A)Journal entry. B)Invoice. C)Bill. D)Sales Receipt. E)None of these.

What type of entries does the Journal report show? A)Check. B)Sales Receipt. C)Bill. D)Invoice. E)All of these.

What is difference between a Sales Receipt and an Invoice? A)Sales Receipts include cash sales and credit card sales;Invoices are used to record customer sales that are paid for later. B)Sales Receipts are used for customer sales on account;Invoices are used for cash sales and credit card sales. C)Sales Receipts and Invoices use the same QB Online selection -- Bills. D)Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills. E)None of these.

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales? A)The sales account shows income from the Accounts Payable account. B)Bank deposits only reflect income from Accounts Receivable. C)Best practice is to record sales as a Transfer entry. D)A bank deposit or journal entry will not appear on sales reports. E)None of these.

What is the sequence of steps to complete bank reconciliation? A)Accounting> Reports > Recommended Reports > Journal Entry. B)Gear > Audit Log > Account and Settings. C)Accounting > Chart of Accounts > 101 Checking > Reconcile. D)All of these. E)None of these.