Use this page to record customer transactions on account:
A)Invoice.
B)Bill.
C)Journal Entry.
D)Transfer
E)None.

Question

Quizplus · Accepted Answer

An invoice is used to record transactions of selling goods or providing services on credit to a customer. This document includes information on the goods or services sold, the amount due, and the due date.

Answer: B) Bill 
 A bill is used to record transactions of purchasing goods or services on credit from a supplier or vendor. This document includes information on the goods or services received, the amount owed, and the due date.

Answer: D) Transfer 
 A transfer is used to move funds from one account to another within the same financial institution. This is typically used when a customer needs to transfer funds between checking or savings accounts.

Answer: E) None 
 Journal Entries are not typically used to record customer transactions on account. Rather, journal entries are used to record transactions that do not have a specific document, such as adjusting entries or entries to record depreciation.

Use This Page to Record Customer Transactions on Account