24) When a credit sale is recorded on an invoice, QuickBooks records: 24) A) A decrease to Sales and a decrease to Accounts Payable B) An increase to Sales and an increase to Accounts Payable C) An increase to Sales and an increase to Accounts Receivable D) An increase to Sales and a decrease to Accounts Receivable 25) What is a liability 25) A) A resource a company owns C) An amount a company owes B) Inventory D) None of these 26) Which of the following tasks can be completed in the Vendor section of the Home 26) page? A) Receive Inventory C) Create Invoices B) Receive Payments D) Create Estimates 27) When recording a bill, QuickBooks automatically 27) A) Records an expense (credit) and the obligation to pay later (debit) B) Reduces the liability (credit) and the checking account (debit) C) Reduces the liability (debit) and the checking account (credit) D) Records an expense (debit) and the obligation to pay later (credit) 28) A business transaction is an exchange between: 28) A) Customer B) Vendor C) Employee D) All of these 29) Which report provides information to help in tracking accounts receivable? 29) A) Collections Reports B) Customers with Open Invoices C) Accounts Receivable Aging Summary D) All of these 30) The Customer List stores all the information listed below except: 30) A) Customer transaction information C) Notes about a projectijob B) Projectjob estimate information D) Sales tax rates 31) To record a credit sale, select: A) Sales Receipts C) Create Estimates B) Create Purchase Order D) None of these 32) Which account below is not an Expense account? 32) A) Rent C) Advertising B) Accounts Payable D) Utilities