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10 Cards in this Set
- Front
- Back
When a business sells goods or services on credit, it records the amounts owed by the customers as:
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Accounts Receivable
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From a seller’s perspectives, sales on credit to customers affect:
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Assets & Revenue
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When a business makes a sale on credit, what function of Peachtree is used to record the transaction?
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Sales/Invoicing
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Which accounts receivable report shows the beginning balances of the customer accounts, all transactions with the customers during a period, and the ending balances?
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Customer Ledgers
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Which general ledger accounts are involved in the direct write-off of a specific customer’s account?
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Uncollectible Accounts Expense and Accounts Receivable
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Purchases made on credit are entered in the accounting records as:
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Accounts Payable
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When a business purchases a service such as electricity on credit, the two types of accounts affected from the buyer’s perspective are:
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A liability account & an expense account
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What function of Peachtree is used when a business buys goods or services on credit and must enter the transaction?
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Purchases/Receive Inventory
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Which accounts payable report contains information about all transactions with vendors and the balances owed to them?
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Vendor Ledger
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Which general ledger account is credited to record a company’s purchases on credit?
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Accounts Payable
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