Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Quickbooks question When you sell an item, how does it affect the profit and loss report? a)Items do not affect the Financial Statements b) When
Quickbooks question
When you sell an item, how does it affect the profit and loss report?
a)Items do not affect the Financial Statements
b) When you set up a non-inventory item, Quickbooks assigns the current on hand quanity to the profit & loss.
c) The value of the sale flows to the income account you selected when you set up the item.
D) When you set up an item, you select balance sheet or profit and loss from the assign to drop-down list.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started