Question
Which of the following statements is not true? A. In QuickBooks when payment is received at the time of service, a sales receipt is used;
Which of the following statements is not true?
A. In QuickBooks when payment is received at the time of service, a sales receipt is used; the Sales account and the Undeposited Funds account are increased by the amount of the sale.
B. In QuickBooks, when you receive payment, the Undeposited Funds account is credited.
C. In QuickBooks a sale on account is recorded using an invoice; the Sales account and Accounts Receivable are increased by the amount of the sale.
D. In QuickBooks, Customer payments are to be put into Undeposited Funds, to be batched for deposit to your banking institution later.
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