Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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How do you record a debit card purchase in Quickbooks?
A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check.
B. Prepare a journal entry to debit the expense account of the purchase and credit cash.
C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases.
D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and traveler’s checks as methods of payment.
In quickbooks, Describe the steps used to record an automatic loan payment that appears on a bank statement.
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- Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.arrow_forwardGive typing answer with explanation and conclusion He writes a draft from his personal bank account payable to the power company. This draft is known as a(n) _____. certified check accord and satisfaction promissory note check non-negotiable instrumentarrow_forwardAccompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?arrow_forward
- Where should you go to set up a new bank feed or link to a bank account in a client's QuickBooks Online company? A. Expenses Center B. Accounting Center C. Sales Center D. Banking Centerarrow_forwardCan you help me with these practice question with quickbooks please To begin connecting bank accounts from the Dashboard, which tab would you start with? A. The Business Overview tab B. Link Accounts C. REview Transactions D. Categorize You are reviewing downloaded bank and credit card transactions. Which action is NOT true: A. ADD - records the transaction in your register B. MATCH - records the transaction in your register C. SPLIT - allows you to choose more than one category for a transaction D. VIEW - shows you the transactions that are possible matchesarrow_forward"The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?" Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."arrow_forward
- How can a customer pay an emailed QuickBooks Online invoice via credit card? A. Send a message via the message feature with their credit card number B. Select Review and pay > Apply for account > Pay C. Print off a form and then enter and send their credit card details and authorization D. Select Review and pay > Enter payment details > Payarrow_forwardA friend owns a business that extends credit to its customers. The friend has asked you to helps with estimating uncollectible accounts and wants you to make a recommendation. Specifically, your friend is asking: Which of the two methods of estimating uncollectible provides for the most accurate estimate of the current net realizable value of the receivables?arrow_forwardImagine you're trying to select a new credit card. Identify 4 attributes of a credit card you would consider in making your selection. make a brief description of each attribute and how you would use it to select a credit card. Where would you file a complaint if the issuer of the credit card you select later treats you unfairly?arrow_forward
- Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner’s equity, revenue, expense, drawing) does the account balance of $11,375 represent from the viewpoint of (a) Surety Storage and (b) Ada Savings Bank?arrow_forwardHow are sales to customers using credit cards recorded?arrow_forwardcan you please help with the bank reconciliation statement and the journal entry’s for my homeworkarrow_forward
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