When a bill is entered using the Enter Bills window, QuickBooks records a journal entry that:
A. Debits Accounts Payable, Credits Checking account
B. Debits Checking account, Credits Expense account
C. Credits Expense account, Debits Checking account
D. Debits Expense account, Credits Accounts Payable
Answer: D
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Which of the following will most likely help identify an increasing proportion of uncollectible sales?
a. accounts receivable turnover b. the ratio of bad debt expense to sales c. the ratio of sales returns to sales d. the ratio of cost of sales to sales
A relationship _____ is difficult to establish if only one side of the relationship is known
Fill in the blank(s) with correct word
Bank of America’s purchase of Countrywide
a. may go down as one of the worst deals in corporate history. b. averted what would have been a larger financial crisis that could have cascaded into a global depression. c. saved Countrywide CEO Angelo Mozilo from being charged with wrongdoing. d. turned out to be a great business decision after the federal government bailed out big banks.
Responding to competitors
What will be an ideal response?