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1. The transaction type used to record purchases from vendors on account is: a. Bill...

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Accounting

1. The transaction type used to record purchases from vendors on account is:

a. Bill

b. Invoice

c. Check

d. Expense

2. Sheff Industries uses cash to pay for any postage due when mail is delivered. When the transaction is entered in QBO, the transaction type normally used is

a. Cash payment

b. Bill payment

c. Expense

d. Check

3. Three bills from the same vendor are displayed in the Pay Bills window. Which of the following statements is not true?

a. Three checks will automatically be created (one for each bill).

b. One check (paying all three bills) will be created if all three bills are selected.

c. The due date of each bill will be displayed.

d. You can elect to pay one, two or all three of the bills with a single check.

4, Carolina Sauce, Inc. writes a check on 8/31 for September rent. The journal entry to record the payment should be:

a. DR Prepaid rent CR Cash

b. DR Cash CR Prepaid rent

c. DR Rent expense CR Cash

d. None of the above. The check should not be recorded until September 1.

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