A client is using the Sales on Account workflow Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account What 2 problems will this cause They will create duplicate expenses Their Accounts Receivable balance will not be accurate The income account will show duplicate income The income will not be recorded Their Accounts Payable balance will not be accurate

The Answer is in the image, click to view ...

Question: A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account.

What 2 problems will this cause?

They will create duplicate expenses
Their Accounts Receivable balance will not be accurate
The income account will show duplicate income
The income will not be recorded
Their Accounts Payable balance will not be accurate

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Question 11 A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this...

Question 2 A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this...

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this cause?(Select...

Question 6 A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this...

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this cause?

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What problems will this cause?

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a deposit categorized to an income account.

QuickBook Online Section 5 - Supporting Small Business Clients A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized...

Brilliant Minds Inc. incurred the following costs associated with its research facilities. Indicate whether these items are capitalized or expensed in the current year: (a) Executive salaries (b)...

In 1990, General Electric acquired Tungsram Ltd., a Hungarian lightbulb manufacturer. Hungary's inflation rate was 28% in 1990 and 35% in 1991, while the forint (Hungary's currency) was devalued 5%...

improve brand awareness, increase product interest, and create new company relationships for this paper towel and napkin company . Create a communication plan addressing the five communication...

Which of the following is the best interpretation of the value 0.4117 in the computer output? a. For each increase of 1 cm in foot length, the average height increases by about 0.4117 cm. b. When...

Distinguish between arbitrary and cause-and-effect allocations.

Compute the variance-covariance matrix for the 10 stocks. Using the monthly average returns and a monthly risk-free interest rate of 0.20%, compute an efficient portfolio. Here?s the template: DIE F...

Tors Party & Rentals Tors Party & Rentals (TPR) is a party and novelty store located just north of Windsor. TPR is a private company, and was founded in 2008 by Amanda Harkings. TPR sells all kinds...

Find a recent article written by a tax practitioner that discusses how the TCJA of 2017 changes choice of entity considerations for businesses. In a paper that you send to your instructor, summarize...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Evaluating a compensation plan Beau Monde, Inc., a manufacturer tributor of health and beauty products, made the following disclosu its compensation program: and dis- re about 432 Chapter 10 Our...

Distributing a bonus pool Four broad approaches to distributing the pro ceeds of a bonus pool in a profit-sharing plan are listed below. (1) Each person's share is based on salary. (2) Each person...

The mix of salary and commission Belleville Fashions sells high-quality LO 6 women's, men's, and children's clothing. The store employs a sales staff of 11 full-time people and 12 part-time people....