40011143
Description
Flashcards by Susan Esch, updated about 2 months ago
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Created by Susan Esch
about 2 months ago
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| Question | Answer |
| Invoice form | Is used to record a sales transaction when the product or service is provided to the customer and the customer promises to pay later. |
| Accounts receivable | Customer promises for amounts that we expect to receive in the future. |
| Receive Payment form | Is used to record a related sales transaction when a customer pays its account with cash, check, credit card, or online payment. |
| Estimate form | Is used to record estimated amounts for products and services to be provided to a customer in the future. |
| Credit Memo form | Is used when we need to record a credit, or reduction, in the amount the customer is charged. |
| Sales Receipt | Is used to record a sales transaction when the customer pays at the same point in time that the product or service is provided to the customer. |
| Refund Receipt | Is used when we give the customer a refund. |
| Delayed Credit | Is used to record a pending credit to a customer that will occur at a specified future date. |
| Delayed Charge | Is used to record a pending charge to a customer that will occur at a specified future date |
| Inventory | Products that we sell for which we track quantities. |
| Non-inventory | Products that we sell but we don’t need to track the quantity of the product. |
| Service | Services that we provide to customers. |
| Bundle | Is a collection of products and services that we sell together as a bundle. |
| Direct write-off method | Method which records bad debt expense when it becomes apparent that the customer is not going to pay the amount due. |
| Allowance method | Method which estimates bad debt expense and establishes an allowance or reserve for uncollectible accounts; the estimate can be calculated as a percentage of credit sales or as a percentage of accounts receivable. |
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