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QuickBooks Chapter 7 with Certified Answers

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QuickBooks Chapter 7 with Certified Answers Issue a _____ if a customer has been overbilled ✔✔credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell ... an inventory item? ✔✔COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? ✔✔Edit the existing tax rate What account is debited when a purchase order is created? ✔✔accounts recievable What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase order? ✔✔purchase order by vendor detail What account is collected sales tax held in? ✔✔sales tax payable liability How you set up sales tax in QuickBooks depends entirely on: ✔✔the states in which you conduct business What is NOT a situation for which you would record a vendor credit? ✔✔the customer changed their mind What determines how much the Cost of Goods Sold account increases when you sell an item? ✔✔the difference between what you payed and what it will sell for What happens when you make inventory tracking for a product inactive? ✔✔the inventory is no longer tracked, but previous transactions are not affected What is NOT an option when receiving inventory against a purchase order? ✔✔receive the inventory as an expense What happens to Cost of Goods Sold in the profit and loss report when you sell a product? ✔✔increases How do you determine profit on the sale of an inventory product? ✔✔difference between original cost and sales price [Show More]

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