Asked by Mohamad Nassar on Jun 15, 2024
Verified
In QBO,the user will use a Delayed Credit and Delayed Charge when:
A) Delayed Credit - record a sale to a customer on account to be paid in the future. Delayed Charge - record a pending expense to be paid at a future date.
B) Delayed Credit - record a credit or reduction in the amount charged to a customer at a future date. Delayed Charge - record a refund to a customer at a future date.
C) Delayed Credit - record a pending credit to a customer occurring at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
D) Delayed Credit - record a product or service provided to the customer at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
Delayed Credit
A bookkeeping entry signifying credits that will be applied to a customer's account at a future date, affecting future billing cycles rather than immediate revenues.
Delayed Charge
A transaction that records an expenditure which will be billed to a client or customer at a future date, not immediately impacting cash flow.
Pending Expense
Expenditures that have been incurred but not yet fully processed or paid out.
- Determine the accurate methods for recording sales-related transactions in QuickBooks Online.
Verified Answer
YP
Yolanda PadillaJun 17, 2024
Final Answer :
C
Explanation :
Delayed Credit is used to record a pending credit to a customer that will occur at a future date, and Delayed Charge is used to record a pending charge to a customer that will also occur at a future date. These transactions do not immediately affect the financial statements until they are applied to an invoice or a charge.
Learning Objectives
- Determine the accurate methods for recording sales-related transactions in QuickBooks Online.