Which 2 statements are true when using a daily sales summary in QuickBooks Online?

(A) The transaction is a zero dollar sales receipt

(B)The transaction is a sales receipt totaling the sales amount net of sales taxes for the period

(C)The transaction is a sales receipt that deposits to a new and separate Undeposited Funds account

(D)The transaction is a sales receipt that deposits to a clearing account

(E)The sales receipt's sales amounts are negative numbers and payments received are positive numbers

2.

Claire is setting up a massage business. She hasn’t set up her business bank account yet but she needs to record business expenses paid personally as a contribution to the business. Her accountant wants to know where she spent the money.

How can she record these transactions?

(A) By creating a journal entry that credits the expense account and debits Owner’s Contribution

(B)By using a zero dollar expense, entering the vendor name in the Payee field, entering the amount in the expense account as a positive and the Owner’s Contribution amount as a negative

(C)By using a zero dollar expense, entering the vendor name in the Payee field, entering the amount in the expense account as a negative and the Owner’s Contribution amount as a positive

(D)By using a zero dollar sales receipt, entering the vendor name in the Customer field, entering the amount in the expense account as a positive and the Owner’s Contribution amount as a negative

3.

Brittany’s Baskets has informed you that one of her customers has bounced a check. The bank indicates the check was returned for insufficient funds. The bank is charging a $35 returned check fee.

Based on the training, what is one of the steps Brittany should take?

(A)Delete the deposit and re-enter it, excluding the bounced payment

(B)Create a credit memo for the amount of the invoice and bounced check fee

(C)Delete the payment received

(D)Create a delayed charge for the bounced check

(E)Create an invoice using a bounced check and bounced check fee item