To Reverse a Sales Invoice for Selecting the Wrong Customer

question 7

Multiple Choice

To reverse a sales invoice for selecting the wrong customer, you should -

• A) open the adjusting sales invoice window and choose the reverse entry tool
• B) open the receipts journal and pay the invoice to cancel it
• C) open the adjusting sales invoice window and edit the customer name (choose the correct customer)
• D) make a general journal adjustment that reduces Accounts Receivable and the revenue accounts for the invoice amount

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Definitions:

Current Asset

An asset that is expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business.