What is the billing and collection process flow?

Group of answer choices

1. If the customer is a new one or its existing credit is not sufficient, contact the customer and send a credit application. 2. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 3. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department.

1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the next step.

1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the next step. 3. If the customer is a new one or its existing credit is not sufficient, contact the customer and send a credit application. 4. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 5. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department.

1. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 2. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department.

Flag question: Question 20

What is the minimum information on the customer invoice?

Group of answer choices

Invoice date and address

Invoice date and sub total

Invoice date, and tax

Invoice date, invoice number, Customer address, PO number, Line items, Total, Sales tax, and grand total

Flag question: Question 21

The customer paid upfront with cash on sales service. Which journal entries are correct?

Group of answer choices

Debit Cash, Credit Sales - Merchandise, Debit - Sales installation labor

Credit Cash, Credit Sales - Merchandise, Debit- Sales installation labor

Debit Cash, Debit Sales - Merchandise, Credit - Sales installation labor

Debit Cash, Credit Sales - Merchandise, Credit - Sales installation labor