Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SAGE50 ACCOUNTING TRUE OR FALSE If a customer wants to pay an outstanding invoice by credit card you use Payments Journal to record the entry.

SAGE50 ACCOUNTING

TRUE OR FALSE

  1. If a customer wants to pay an outstanding invoice by credit card you use Payments Journal to record the entry.
  2. A deposit (prepayment by the customer) of a customer is recorded in a Sales Order Journal.
  3. The HST Charged on Sales or GST Charged on Sales is entered as a Contra Liability when the entry is recorded.
  4. A purchase order can be entered without a purchase quote being recorded.
  5. Once a cheque is posted in a payments journal, there is no possibility to adjust or reverse the Cheque.
  6. Bank Charge entries would be entered in the GL and would not affect the Vendor Ledger because it does not concern any vendor and a cheque is not affected.
  7. Merchandise inventory includes office supplies account that is purchased for use or consumption.

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

The Software Audit Guide

Authors: John W. Helgeson

1st Edition

0873897730, 978-0873897730

More Books

Students also viewed these Accounting questions

Question

=+11.3. Show that Theorem 11.4(ii) can fail if u(B) =00.

Answered: 1 week ago