Answered step by step
Verified Expert Solution
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
- If a customer wants to pay an outstanding invoice by credit card you use Payments Journal to record the entry.
- A deposit (prepayment by the customer) of a customer is recorded in a Sales Order Journal.
- The HST Charged on Sales or GST Charged on Sales is entered as a Contra Liability when the entry is recorded.
- A purchase order can be entered without a purchase quote being recorded.
- Once a cheque is posted in a payments journal, there is no possibility to adjust or reverse the Cheque.
- 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.
- 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
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