1. Your client runs a smoothie stall at a festival. She gets paid in cash when she hands her customers the delicious smoothie.

   What transactions should she use to record these sales in QuickBooks Online

   		Invoice
   		Sales Receipt
   		Payment
   		Credit memo

10 points

QUESTION 8

1. One weekend your client gets three separate payment checks from three separate customers for work theyve invoiced.

   Why is it preferable to select Undeposited Funds, instead of a bank account, when recording each individual payment in QuickBooks Online?

   		Because the tax liability of each payment will be more accurate if each check is added individually to the Undeposited Funds account
   		Using Undeposited Funds will duplicate income
   		Undeposited Funds will record income on an accrual basis
   		It allows you to group the three payments into a singular deposit transaction, so the register matches the bank statement deposit amount

10 points

QUESTION 9

1. Which of the following would be a suitable situation for recording a new deposit transaction like weve just seen?

   		You need to record a payment from a customer but its not a check
   		You receive a tax refund from the IRS and need to record it
   		You receive a cash back payment from a vendor for ordering in bulk