24. What should you do when you have two records that represent the same entity, but...

24. What should you do when you have two records that represent the same entity, but both entries have been
used in transactions?
a. Merge the two records.
b. Delete the two records.
c. Merge the transactions that use the entity.
d. Delete the transactions that use the entity.
25. Which statement reflects a valid reason for issuing a vendor credit?
a. The vendor increases their bill.
b. The vendor reduces their prices.
c. The vendor owes the business for damages.
d. The vendor sent too much merchandise.
26. A customer advance payment occurs when
____________________________________________________________________.
a. a customer pays for merchandise after it is shipped and they are invoiced
b. a customer returns merchandise after they are invoiced
c. a customer pays for merchandise before it is shipped and they are invoiced
d. a customer cancels an order after the merchandise has been shipped
27. If you want to enter an order only one time to record sales and inventory, what form do you complete first?
a. Invoice
b. Bill
c. Purchase Order
d. Sales Order

Solutions

Expert Solution

Question 24 : when we have two records with same entity we generally merge the two records . So the correct option would be (a) merge the two records. All other options are not as appropriate as option (a) is.

Question 25 : we issue a vendor credit when we are not satisfied with the products may be because they are not in specifications that we demanded for, so we return the goods back to vendor. In this case the vendor is liable for any damages to us regarding the products. So among the four options, option (c) is correct: The vendor owes the business for damages.

Question 26 : If a customer makes payment in advance, it is known as Advance payment and it has credit balance. It occurs when payment is made by the customer before the shipping of the product. So the correct option would be (c) a customer pays for merchandise before it is shipped and are invoiced.

Question 27 : Inventory is affected when invoice is filled and also sales order is recorded. Therefore, for recording only one time of order to sales and inventory together we will fill the form of invoice first. So the correct option would be (a). Invoice.

ekkarill92 answered 1 year ago

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