CHAPTER 3-Sales and Receivables: Service Items END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. (Note: the question numbers do not refer to the chapter objectives.) 3.01. An Invoice is prepared to record a sale on account. 3.02. Using an incorrect date will not affect the results of reports 3.03. You may never make corrections to bank deposits 3.04. An Invoice may be exported to Excel. 3.05. A new Product/Service item cannot be added when creating a Sales Receipt. 3.06. A Customer Balance Summary report shows you the balances for l customers 3.07. You may record the sale of more than one item on both Invoices and Sales the balances for all customers who owe you money Receipts. 3.08. You can add a new customer on the fly. 3.09. An Invoice may not be deleted. 3.10. The Trial Balance shows account totals in debit/credit format. MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 3.11. The Customers List functions as the_ A. General Ledger B. Accounts Receivable Ledger C. Income Account D. Primary Account 3.12. The Sales by Customer Detail report shows information about_ for each customer A. Credit Sales B. Cash Sales C. Sales on Account D. All of the above 223 QUICKBOOKS ONLINE PLUS: A Complete Course 2017 3.13. A Credit Memo is prepared to record a reduction to a transaction recorded on a(n) A. Sales Receipt B. Invoice C. Deposit Slip D. Payment Receipt 3.14. When payment is made by the customer at the time of the sale, the transaction is recorded on a(n) A. Invoice B. Payment Receipt C. Sales Receipt D. Refund Receipt 3.15. When a payment is made for a sale on account, it may be a_ payment. A. Full B. Partial C. Both A and B D. Pay in advance 3.16. QuickBooks Online does not print A Invoices B. Sales Receipts C. Credit Memo and/or Refund Receipts D. Receive Payments 3.17. Receive Payments is used to record a(n)_ A. Payment for an Invoice B. Cash Sale C. Refund D. Bank Deposit 3.18. To view all entries recorded in Debit/Credit format, you prepare a_ A. Journal B. Trial Balance C. Customer Balance Summary D. Transaction List report 3.19. When receiving a partial payment for an Invoice, QuickBooks selects the Invoice. A. Most recent B. Largest balance C. Oldest D. None of the above CHAPTER 3-Sales and Receivables: Service Items 224 3.20. Reports may be A. Printed B. Exported to Excel C. Emailed D. All of the above FILL-IN IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE. 3.21. The Plus icon is located on the_ 3.22. To refund money to a customer, you prepare aTo decrease an amount Bar. owed for an Invoice, you prepare a The report that shows all of the entries made into each account in the Chart of Accounts is 3.23. 3.24. The report prints the current date that cannot be changed at the top of the report. 3.25. Cash and checks received from customers are entered into theaccount COMPUTER ASSIGNMENT REFER TO PRINTOUTS OR USE QUICKBOOKS ONLINE AND YOUR NAME'S BEACH BARKERS TO LOOK UP OR ENTER INFORMATION, AND THEN WRITE THE ANSWERS TO THE FOLLOWING EXERCISES IN THE SPACE PROVIDED 3.26. How much was the bank deposit on January 17, 2017? 327. What business form did you use to record the reduction of one day of Day 3.28. What business document did you complete to record Joshua Davis' purchase Camp for Ashley Rhodes on January 12,2017 of 1 hour Dog Walking, 1 Brushing, 1 Poop Scoop, and 3 hours Transportation on January 15, 2017? 3.29. Prepare a Sales by Product/Service Summary report for January 1-17, 2017. Which sales item had the largest quantity? Which item generated the largest amount of Revenue? 3.30. What account was used for Receive Payments from Larry Bailey? 225 QUICKBOOKS ONLINE PLUS: A Complete Course 2017 3. 31. Prepare a Customer Balance Summary report as of January 17,2017. Which 3.32. 3.33. 3.34. 3.35. customer(s) has/have the largest balance? How much is the largest customer balance? How much does Gloria Gucci owe on her account on January 17,2017? How much does Joshua Davis owe as of January 17, 2017? Go to Reports, Review Sales, and prepare a Sales by Customer Summary report for January 1-17, 2017. What is the total