Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10. l]. 12. Regular inventory purchases and salesjournal entries have what in common a. both consist entirely of linked accounts b. the price eld in

image text in transcribed
image text in transcribed
10. l]. 12. Regular inventory purchases and salesjournal entries have what in common a. both consist entirely of linked accounts b. the price eld in both entries is the same c. you can edit the account eld in both entries d. the entries have nothing in common To correct a sales invoice that was accidentally posted containing the wrong inventory a. reverse all original data in the sales journal with a minus sign and post; enter new sales data and post b. open adjust an invoice; locate the invoice; edit the inventory item, add the quantity and post c. pay the original invoice; prepare an invoice for the correct inventory, add the quantity and post d. prepare a new invoice for the correct inventory item; add the quantity and post Transactions entered in the inventoryjournals will allow all but one of the following a. recording of customer and supplier invoices involving inventory b. adjustments for lost, stolen or damaged goods c. transfers from one inventory item to another d. the assembly of various inventory items into one nished product When you reverse a pay later invoice that was already paid, Sage 50 Accounting will a. reverse the payment for the invoice automatically b. create a credit entry for Accounts Receivable and a credit note for the customer c. create a debit entry for Accounts Receivable and a credit note for the customer d. warn that the invoice has been paid and you cannot reverse it until you reverse the payment The pay cheques journal has no column on-screen to allocate payroll expenses; therefore a we must open a new division for payroll we must post the payroll entry before allocating expenses b. c. we must choose the allocate tool or the allocate menu option to open the division allocation screen d. we must access the division account from the payrolljournal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethical Obligations and Decision Making in Accounting Text and Cases

Authors: Steven M. Mintz, Roselyn E. Morris

5th edition

1259969460, 73403997, 1260480852, 978-1259969461

More Books

Students also viewed these Accounting questions

Question

1. What does this mean for me?

Answered: 1 week ago