CHAPTER 3-Sales and Receivables: Service Items END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. (Note: the question numbers do not refer to the chapter objectives.) 3.01. An Invoice is prepared to record a sale on account. 3.02. Using an incorrect date will not affect the results of reports. 3.03. You may never make corrections to bank deposits. 3.04. An Invoice may be exported to Excel. 3.05. A new Product/Service item cannot be added when creating a Sales Receipt. 3.06. A Customer Balance Summary report shows you the balances for all customers who owe you money. 3.07. You may record the sale of more than one item on both Invoices and Sales Receipts. 3.08. You can add a new customer on the fly. 3.09. An Invoice may not be deleted. 3.10. The Trial Balance shows account totals in debit/credit format. 222 MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. 3.11. The Customers List functions as the A. General Ledger B. Accounts Receivable Ledger C. Income Account D. Primary Account 3.12. The Sales by Customer Detail report shows information about for each customer. A. Credit Sales B. Cash Sales C. Sales on Account D. All of the above 223 QUICKBOOKS ONLINE PLUS: A Complete Course 2017 3.13. A Credit Memo is prepared to record a reduction to a transaction recorded on a(n) A. Sales Receipt B. Invoice C. Deposit Slip D. Payment Receipt 3.14. When payment is made by the customer at the time of the sale, the transaction is recorded on a(n) 1 A. Invoice B. Payment Receipt C. Sales Receipt D. Refund Receipt 3.15. When a payment is made for a sale on account, it may be a payment. A. Full B. Partial C. Both A and B D. Pay in advance 3.16. QuickBooks Online does not print A. Invoices B. Sales Receipts C. Credit Memo and/or Refund Receipts D. Receive Payments 3.17. Receive Payments is used to record a(n) A. Payment for an Invoice B. Cash Sale C. Refund D. Bank Deposit 3.18. To view all entries recorded in Debit/Credit format, you prepare a A. Journal B. Trial Balance C. Customer Balance Summary D. Transaction List report 3.19. When receiving a partial payment for an Invoice, QuickBooks selects the Invoice. A. Most recent B. Largest balance C. Oldest D. None of the above CHAPTER 3-Sales and Receivables: Service Items 3.20. Reports may be. A. Printed B. Exported to Excel C. Emailed D. All of the above FILL-IN IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE. 3.21. The Plus icon is located on the 3.22. To refund money to a customer, you prepare a owed for an Invoice, you prepare a 3.24. The report. Bar. 3.23. The report that shows all of the entries made into each account in the Chart of Accounts is To decrease an amount 224 report prints the current date that cannot be changed at the top of the 3.25. Cash and checks received from customers are entered into the until the bank deposit is made. 3.27. What business form did you use to record the reduction of one day of Day Camp for Ashley Rhodes on January 12, 2017? COMPUTER ASSIGNMENT REFER TO PRINTOUTS OR USE QUICKBOOKS ONLINE AND YOUR NAME'S BEACH BARKERS TO LOOK UP OR ENTER INFORMATION, AND THEN WRITE THE ANSWERS TO THE FOLLOWING EXERCISES IN THE SPACE PROVIDED 3.26. How much was the bank deposit on January 17, 2017? account 3.28. What business document did you complete to record Joshua Davis' purchase of 1 hour Dog Walking, 1 Brushing, 1 Poop Scoop, and 3 hours Transportation on January 15, 2017? 3.29. Prepare a Sales by Product/Service Summary report for January 1-17, 2017. Which sales item had the largest quantity? Which item generated the largest amount of Revenue? 3.30. What account was used for Receive Payments from Larry Bailey? QUICKBOOKS ONLINE PLUS: A Complete Course 2017 225 3.31. Prepare a Customer Balance Summary report as of January 17, 2017. Which customer(s) has/have the largest balance? HORUS 83177 = 3.32. How much is the largest customer balance? 3.33. How much does Gloria Gucci owe on her account on January 17, 2017? 3.34. How much does Joshua Davis owe as of January 17, 2017? 3.35. Go to Reports, Review Sales, and prepare a Sales by Customer Summary report for January 1-17, 2017. What is the total?