Chapter 7, Problem 3BYOPFM

How are sales to customers using credit cards recorded?

Paying bills through online banking on their due dates is an acceptable way to maintain excellent credit ratings with the credit bureau. True or false

Explain how a credit card billing cycle works. What is a grace period, and when is the best time to make payments in your billing cycle?

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.

Imagine 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?

To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report

Can you allow credit period for an unknown customer based on the report of a credit rating agency?

What notice given to the customer explains that we may report ingormation to the credit bureaus

In quickbooks, Describe the steps used to record an automatic loan payment that appears on a bank statement.