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Please answer the following Accounting Sage related questions. 1. 2 3 4 Debit card payments in a sales invoice with regular terms of net 30
Please answer the following Accounting Sage related questions.
Debit card payments in a sales invoice with regular terms of net 30 will - a. debit the bank account instead of accounts receivable for the full invoice amount b. credit the bank account instead of accounts receivable for the full invoice amount c. reduce the bank deposit by the amount of the card transaction fees d. withdraw the full invoice amount from the customer's bank account in 30 days when the net amount is due Customer deposits (prepayments) are recorded a. when the customer makes a partial payment on account b. as credits to accounts receivable for the customer c. as debits to accounts receivable for the customer d. as negative sales invoices Customer deposits (prepayments) are entered as - a. positive amounts in the sales journal b. none of the above c. negative amounts in the receipts journal d. positive amounts in the receipts journal Regarding a purchase from a foreign vendor, when the exchange rate for a foreign currency increases between a purchase and a payment - a. the difference between the two rates is debited to the linked expense account for tracking exchange rate differences b. the difference between the two rates is debited to the asset or expense account for the purchase c. the difference between the two rates is credited to the linked expense account for tracking exchange rate differences d. the payment amount is set by the exchange rate at the time of the purchase 1.
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