Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account.

What 2 problems will this cause?


  • They will create duplicate expenses

  • Their Accounts Receivable balance will not be accurate

  • The income account will show duplicate income

  • The income will not be recorded

  • Their Accounts Payable balance will not be accurate

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

Accounting

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian Edition volume 2

013269008X, 978-0133122855, 133122859, 978-0132690089

More Books

Students also viewed these Accounting questions

Question

Prove that if Σ an is absolutely convergent, then a. an

Answered: 1 week ago