QuickBooks Chapter 7; Questions with
Complete Solutions
Issue a _____ if a customer has been overbilled ✔✔credit memo
Which 'behind the scenes' image shows what happens when you create a sales
form to sell an
inventory item? ✔✔COGS credit 100, Inventory debit 100
The sales tax in Clara's area has changed. What should she do? ✔✔Edit the
existing tax rate
What account is debited when a purchase order is created? ✔✔accounts
recievable
What report do you run to verify that goods were not received without applying
the receipt of
inventory to a purchase order? ✔✔purchase order by vendor detail
What account is collected sales tax held in? ✔✔sales tax payable liability
How you set up sales tax in QuickBooks depends entirely on: ✔✔the states in
which you
conduct business
Complete Solutions
Issue a _____ if a customer has been overbilled ✔✔credit memo
Which 'behind the scenes' image shows what happens when you create a sales
form to sell an
inventory item? ✔✔COGS credit 100, Inventory debit 100
The sales tax in Clara's area has changed. What should she do? ✔✔Edit the
existing tax rate
What account is debited when a purchase order is created? ✔✔accounts
recievable
What report do you run to verify that goods were not received without applying
the receipt of
inventory to a purchase order? ✔✔purchase order by vendor detail
What account is collected sales tax held in? ✔✔sales tax payable liability
How you set up sales tax in QuickBooks depends entirely on: ✔✔the states in
which you
conduct business
