e-entertainment store sells high-end equipment ($5,000 and up). Orders are written up, then taken to the back office w
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A home-entertainment store sells high-end equipment ($5,000 and up). Orders are written up, then taken to the back office with the customer’s credit card. What specific procedures should the store use to examine the credit card?
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- How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.In a system like QuickBooks Online, when should you create an invoice? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services but does not pay you at the time of the sale c. When a customer purchases goods or services and pays you by check or credit card at the time of the sale d. When a customer purchases goods or services, but you don't want to record the sale as finalAn unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- A customer just charged $150 of merchandise on the companys own charge card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalDescribe the who, what, where, and how of the following scenario: A customer gives his purchase to a sales clerk, who enters the sale in a cash register and puts the money in the register drawer. At the end of the day, the sales clerk gives the cash and the register tape to the cashier.A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueSales to customers who use bank credit cards such as MasterCard and VISA are usually recorded by a Oa. debit to Sales, a debit to Credit Card Expense, and a credit to Cash Ob. debit to Bank Credit Card Sales, a debit to Credit Card Expense, and a credit to Sales Oc. debit to Cash and a credit to Sales Od. debit to Cash, a credit to Credit Card Expense, and a credit to SalesHow can a customer pay an emailed QuickBooks Online invoice via credit card? A. Send a message via the message feature with their credit card number B. Select Review and pay > Apply for account > Pay C. Print off a form and then enter and send their credit card details and authorization D. Select Review and pay > Enter payment details > Pay
- When the customer pays the money to the company after the discount period, which one of the following journal entry is made by the company? Which one of the following documents is used to record notes receivable? Register Voucher Promissory note Invoice ull lis isl TOSHIBA1.Which of the following statements are true?a. Recording purchase transactions in a general journal is considered efficient.b. Most businesses will carefully enter all purchase orders using the purchase orderjournal.c. A purchase requisition follows a purchase order.d. It is important for a company to verify all numbers on a supplier’s invoicee. In general, cash discounts are so minor they can be ignored. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5What 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…