Correcting Entries

question 49

Multiple Choice

Correcting entries

• A) always affect at least one balance sheet account and one income statement account.
• B) affect income statement accounts only.
• C) affect balance sheet accounts only.
• D) may involve any combination of accounts in need of correction.

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Definitions:

Memorized Transactions

Transactions saved in QuickBooks for future use, which can simplify repetitive billing, invoicing, and other financial processes.

Rent Payments

Monetary transactions made by a tenant to a landlord in exchange for the use of a property, typically due on a monthly basis as agreed in the lease or rental agreement.

Special Order

An order for goods or services that is made to a customer's specific requirements and specifications.

Receive Payments Window

The Receive Payments Window is a feature in accounting software where businesses record the collection of money from customers against their outstanding invoices.