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10 Cards in this Set

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  • Back
When a business sells goods or services on credit, it records the amounts owed by the customers as:
Accounts Receivable
From a seller’s perspectives, sales on credit to customers affect:
Assets & Revenue
When a business makes a sale on credit, what function of Peachtree is used to record the transaction?
Sales/Invoicing
Which accounts receivable report shows the beginning balances of the customer accounts, all transactions with the customers during a period, and the ending balances?
Customer Ledgers
Which general ledger accounts are involved in the direct write-off of a specific customer’s account?
Uncollectible Accounts Expense and Accounts Receivable
Purchases made on credit are entered in the accounting records as:
Accounts Payable
When a business purchases a service such as electricity on credit, the two types of accounts affected from the buyer’s perspective are:
A liability account & an expense account
What function of Peachtree is used when a business buys goods or services on credit and must enter the transaction?
Purchases/Receive Inventory
Which accounts payable report contains information about all transactions with vendors and the balances owed to them?
Vendor Ledger
Which general ledger account is credited to record a company’s purchases on credit?
Accounts Payable