Accounting45

Front 1

When a business sells goods or services on credit, it records the amounts owed by the customers as:

Back 1

Accounts Receivable

Front 2

From a seller’s perspectives, sales on credit to customers affect:

Back 2

Assets & Revenue

Front 3

When a business makes a sale on credit, what function of Peachtree is used to record the transaction?

Back 3

Sales/Invoicing

Front 4

Which accounts receivable report shows the beginning balances of the customer accounts, all transactions with the customers during a period, and the ending balances?

Back 4

Customer Ledgers

Front 5

Which general ledger accounts are involved in the direct write-off of a specific customer’s account?

Back 5

Uncollectible Accounts Expense and Accounts Receivable

Front 6

Purchases made on credit are entered in the accounting records as:

Back 6

Accounts Payable

Front 7

When a business purchases a service such as electricity on credit, the two types of accounts affected from the buyer’s perspective are:

Back 7

A liability account & an expense account

Front 8

What function of Peachtree is used when a business buys goods or services on credit and must enter the transaction?

Back 8

Purchases/Receive Inventory

Front 9

Which accounts payable report contains information about all transactions with vendors and the balances owed to them?

Back 9

Vendor Ledger

Front 10

Which general ledger account is credited to record a company’s purchases on credit?

Back 10

Accounts Payable