Chapter_12_True_Make_True[1]

Chapter_12_True_Make_True[1] - Purchase Journal. 6. The...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Emma Schwartz Chapter 12: True/Make True Type the word True in the space provided if the statement is true. If the statement is not true, type the correct answer. 1. Accounts Payable is money you pay to customers. Accounts Payable is the amount of money the business owes to suppliers or vendors. 2. Vendor default information needs to be set up to establish the criteria used when computing vendor discounts. 3. Sharon’s Service Merchandise is organized as a partnership. 4. The purchase discount offered to Sharon’s Service Merchandise from their vendors is 2% 10, Net 30 Days 5. Each time you use the Purchases/Receive Inventory window, you are journalizing in the Cash Disbursements Journal. Each time you use the Purchases/Receive Inventory window, you are journalizing in the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Purchase Journal. 6. The merchandise that Sharons Service Merchandise buys from Rennie Barson Fabrics is classified as wall coverings. 7. Each time you use the Payments window, you are journalizing in the Purchase Journal. Each time you use the Payments window, you are journalizing in the CD Journal. 8. The Maintain Vendors window is used to enter information about vendors from whom you purchase merchandise. 9. All accounting software applications, regardless of the size of the company, are the same. All accounting software applications, regardless of the size of the company, are the similar. 10. Each accounting software application (for example, Peachtree, QuickBooks, and Microsoft Dynamics GP) has a unique system design....
View Full Document

This document was uploaded on 08/10/2011.

Page1 / 2

Chapter_12_True_Make_True[1] - Purchase Journal. 6. The...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online