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Transcript of Chapter 12: Customers & Sales Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights...
![Page 1: Chapter 12: Customers & Sales Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649dce5503460f94ac29d5/html5/thumbnails/1.jpg)
Chapter 12: Chapter 12: Customers & SalesCustomers & Sales
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.reserved.
McGraw-Hill/McGraw-Hill/IrwinIrwin
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Customers & SalesCustomers & SalesIn Chapter 11, you learned how to use Peachtree’s In Chapter 11, you learned how to use Peachtree’s Purchases/Receive Inventory and Payments Purchases/Receive Inventory and Payments features. features. Now that you have purchased merchandise from Now that you have purchased merchandise from vendors, you are ready to sell that merchandise. To vendors, you are ready to sell that merchandise. To do that, you need to learn how to use Peachtree’s do that, you need to learn how to use Peachtree’s Customers & Sales Navigation Center.Customers & Sales Navigation Center.Before using the Sales/Invoicing window, you need Before using the Sales/Invoicing window, you need to set up customer defaults, sales tax information, to set up customer defaults, sales tax information, and customer maintenance information. After you and customer maintenance information. After you set these defaults, Peachtree will use this set these defaults, Peachtree will use this information when you record a sale.information when you record a sale.
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Software Objectives, p. 469Software Objectives, p. 469
Set up customer default information.Set up customer default information.Set up sales tax information.Set up sales tax information.Set up customer maintenance information.Set up customer maintenance information.Record credit sales, cash sales, and sales Record credit sales, cash sales, and sales returns.returns.Record customer receipts, partial payments, and Record customer receipts, partial payments, and edit invoices.edit invoices.
Make four backups: 1) back up Chapter 12 Make four backups: 1) back up Chapter 12 beginning data; 2) back up Chapter 12 data; 3) beginning data; 2) back up Chapter 12 data; 3) back up Exercise 12-1; 4) back up Exercise 12-back up Exercise 12-1; 4) back up Exercise 12-2.2.
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Web Objectives 469Web Objectives 469Use your Internet browser to go to the book’s Use your Internet browser to go to the book’s website at website at www.mhhe.com/yacht2009. . Go to the Internet Activity link on the book’s Go to the Internet Activity link on the book’s website. Then, select WEB EXERCISES PART website. Then, select WEB EXERCISES PART 3. Complete the second web exercise in Part 3. Complete the second web exercise in Part 3–WebCPA: Tools and Resources for the 3–WebCPA: Tools and Resources for the Electronic Accountant. Electronic Accountant. Use a word processing program to write Use a word processing program to write summaries of the websites that you visited.summaries of the websites that you visited.
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Peachtree’s Accounts Receivable Peachtree’s Accounts Receivable System, p. 470System, p. 470
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The Customers & Sales Navigation The Customers & Sales Navigation Center, pp. 470-471Center, pp. 470-471
On the Customers & Sales Navigation Center, On the Customers & Sales Navigation Center, Peachtree illustrates the accounts receivable system.Peachtree illustrates the accounts receivable system.
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Peachtree TipsPeachtree Tips
You You mustmust complete Chapter 11 before you complete Chapter 11 before you start Chapter 12. start Chapter 12.
If the general ledger account (GL account If the general ledger account (GL account column) is not displayed on the column) is not displayed on the Sales/Invoicing window, check the global Sales/Invoicing window, check the global options. In the Hide General Ledger options. In the Hide General Ledger Accounts section, all boxes must be Accounts section, all boxes must be unchecked (see Preface, pp. xxiv-xxvi, steps unchecked (see Preface, pp. xxiv-xxvi, steps 1-6, Peachtree’s Global Options). 1-6, Peachtree’s Global Options).
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Backing Up Chapter 12Backing Up Chapter 12
Backup Name Backup Name
KilobytesKilobytes Page Nos.Page Nos.
Chapter 12 BeginChapter 12 Begin 1,543 KB1,543 KB 482482
Chapter 12Chapter 12 1,573 KB1,573 KB 512-513512-513
Exercise 12-1Exercise 12-1 1,518 KB1,518 KB 519519
Exercise 12-2Exercise 12-2 1,527 KB1,527 KB 520520
The chart below shows the size of the backups made in Chapter 12. The textbook steps show you how to back up to Peachtree’s default hard drive location at C:\Program Files\Sage Software\Peachtree\Company\[shortened company name]. You can also specify a hard drive location, or back up to external media such as a CD-R or USB media. The chart for the size of all the backups made in Part 3 (Chapters 11-14) is shown on page 402.
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Chapter 12 TopicsChapter 12 Topics1.1. Software & web objectives, p. 469Software & web objectives, p. 4692.2. Getting started, p. 471-472Getting started, p. 471-472
a. Setting up customer defaults, pp. 473-474a. Setting up customer defaults, pp. 473-474b. Setting up sales tax defaults, pp. 474-478b. Setting up sales tax defaults, pp. 474-478c. Setting up customer maintenance information,c. Setting up customer maintenance information,
pp. 478-482pp. 478-4823.3. Backing up your data, p. 482Backing up your data, p. 4824.4. Recording sales, p p. 482-483Recording sales, p p. 482-483
a. Entering invoices for credit sales, pp. 483-485a. Entering invoices for credit sales, pp. 483-485b. Printing the sales invoice, pp. 485-491b. Printing the sales invoice, pp. 485-491c. Entering a service invoice, pp. 491-494c. Entering a service invoice, pp. 491-494d. Sales returns: Credit & Returns, pp. 495-d. Sales returns: Credit & Returns, pp. 495-
497.497.
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Chapter 12 Topics (continued)Chapter 12 Topics (continued)
4.4. Recording receipts and cash sales, pp. 497Recording receipts and cash sales, pp. 497a. Entering a receipt, pp. 498-500a. Entering a receipt, pp. 498-500b. Cash sales, pp. 501-502b. Cash sales, pp. 501-502c. Finance charges, p. 502c. Finance charges, p. 502
5.5. Printing customer forms, p. 502-503Printing customer forms, p. 502-503a. Printing invoices, p. 503a. Printing invoices, p. 503b. Printing statements, pp. 503-504b. Printing statements, pp. 503-504c. Printing mailing labels, p. 504c. Printing mailing labels, p. 504d. Preparing collection letters, pp. 504-507d. Preparing collection letters, pp. 504-507
6.6. Printing the sales journal, pp. 507-508Printing the sales journal, pp. 507-508
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Chapter 12 Topics (concluded)Chapter 12 Topics (concluded)7.7. Printing the cash receipts journal, p. 408-509Printing the cash receipts journal, p. 408-5098.8. Printing customer ledgers, p. 509-510Printing customer ledgers, p. 509-5109.9. Printing the general ledger trial balance, pp. 510-511Printing the general ledger trial balance, pp. 510-51110.10. Editing receipts, p. 511-512Editing receipts, p. 511-51211.11. Backing up Chapter 12 data, pp. 512-513Backing up Chapter 12 data, pp. 512-51312.12. Internet activity, p. 513Internet activity, p. 51313.13. Summary and review, p. 513-514Summary and review, p. 513-514
a.a. Going to the net, p. 514Going to the net, p. 514b.b. Multiple-choice questions, pp. 514-517Multiple-choice questions, pp. 514-517c. Exercise 12-1, pp. 518-519c. Exercise 12-1, pp. 518-519d. Exercise 12-2, pp. 519-520d. Exercise 12-2, pp. 519-520e. Analysis question, p. 520e. Analysis question, p. 520e. Chapter 12 index, pp. 521-522 e. Chapter 12 index, pp. 521-522
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Getting started, pp. 471-473 Getting started, pp. 471-473 Complete steps 1 – 2f. on p. 471-472. Then, complete Complete steps 1 – 2f. on p. 471-472. Then, complete steps 1 - 5 for setting up customer defaults on p. 473. steps 1 - 5 for setting up customer defaults on p. 473. The Customer Defaults window is shown on p. 473 The Customer Defaults window is shown on p. 473 below step 5.below step 5.
Click on <OK>.Click on <OK>.
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Setting up sales tax defaults, pp. 474-475Setting up sales tax defaults, pp. 474-475
Read the instructions on page 474. Then, complete steps 1 – Read the instructions on page 474. Then, complete steps 1 – 3 on pp. 474-475 for setting up sales tax defaults. The Set Up 3 on pp. 474-475 for setting up sales tax defaults. The Set Up New Sales Tax window is shown below step 3, p. 475 New Sales Tax window is shown below step 3, p. 475
Click Next. Complete steps 4-9 on p. 475.Click Next. Complete steps 4-9 on p. 475.
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Add Sales Tax Agency window, pp. 475-476Add Sales Tax Agency window, pp. 475-476
After completing step 9 on page 475, the Add Sales Tax After completing step 9 on page 475, the Add Sales Tax window appears on p. 476.window appears on p. 476.
Click Next. Complete steps 10-12, p. 476. Click Next. Complete steps 10-12, p. 476.
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Sales Tax Entered window, pp. 476-477Sales Tax Entered window, pp. 476-477
After completing step 12, p. 476, the Sales Tax Entered window After completing step 12, p. 476, the Sales Tax Entered window appears.appears.
Click Finish. The Sales Taxes window appears. To make sure you Click Finish. The Sales Taxes window appears. To make sure you have set up sales taxes for Joann’s Service Merchandise select have set up sales taxes for Joann’s Service Merchandise select View all sales taxes and associated agencies. Click Next. View all sales taxes and associated agencies. Click Next. The View All Sales Taxes window appears and shows the sales tax The View All Sales Taxes window appears and shows the sales tax that was set up on pages 474-477that was set up on pages 474-477
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Setting up customer maintenance Setting up customer maintenance information, pp. 478-482information, pp. 478-482
Select ; New Customer. Complete step 2, pp. 478-479. Select ; New Customer. Complete step 2, pp. 478-479. The Maintain Customers/Prospects window appears. The Maintain Customers/Prospects window appears.
Click on the Sales Info tab.Click on the Sales Info tab.
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Maintain Customers/Prospects, Maintain Customers/Prospects, Sales Info tab, p. 479-480Sales Info tab, p. 479-480
Make sure Account No. 40000, Sales-Hardware, is shown in the GL Sales Account field.
Click . Complete step 6 on pp 480-482.
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Backing up your data, p. 482Backing up your data, p. 482
Complete steps 1 – 6 to back up your Complete steps 1 – 6 to back up your data.data.
Use Use Chapter 12 BeginChapter 12 Begin as the back up as the back up name.name.
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Recording sales, p. 482-485Recording sales, p. 482-485Read the information on pp. 482-483. Then, complete steps 1- 6 on p. Read the information on pp. 482-483. Then, complete steps 1- 6 on p. 484 for entering invoices for credit sales. The Sales/Invoicing window is 484 for entering invoices for credit sales. The Sales/Invoicing window is shown on p. 485.shown on p. 485.
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Printing the Sales Invoice, pp. 485-486Printing the Sales Invoice, pp. 485-486
Complete steps 1, 2 and 3 on page 485. The Print Forms: Invoices/Pkg. Slips Complete steps 1, 2 and 3 on page 485. The Print Forms: Invoices/Pkg. Slips window is shown on page 486.window is shown on page 486.
Complete steps 4, 5 and 6 on p. 486. Invoice 101 is shown on p. 487. Complete steps 4, 5 and 6 on p. 486. Invoice 101 is shown on p. 487. Complete steps 7 and 8. Compare Invoices 102, 103 and 104 to the ones Complete steps 7 and 8. Compare Invoices 102, 103 and 104 to the ones shown on pages 489, 490 and 491.shown on pages 489, 490 and 491.
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Entering a service invoice, pp. 491-494Entering a service invoice, pp. 491-494
Read the information about service Read the information about service invoices on page 491.invoices on page 491.
Complete steps 1 – 6 on pp. 492.Complete steps 1 – 6 on pp. 492.
Compare your invoice to the one shown Compare your invoice to the one shown on p. 493.on p. 493.
Complete step 7 on p. 493.Complete step 7 on p. 493.
Service Invoice 105 is shown on page Service Invoice 105 is shown on page 494.494.
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Sales returns: Credits & Returns, pp. 495-497Sales returns: Credits & Returns, pp. 495-497Read the information about sales returns on p. 469. Read the information about sales returns on p. 469. Complete steps 1 – 7 on pp. 495-496. The Credit Memos Complete steps 1 – 7 on pp. 495-496. The Credit Memos window is shown on p. 496. window is shown on p. 496.
Click <Save> to post, then close. Complete steps 1-6 to Click <Save> to post, then close. Complete steps 1-6 to apply a sales return, pp. 496-497.apply a sales return, pp. 496-497.
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Receipts window, p. 497Receipts window, p. 497After completing steps 1-6 on pp. 496-497, the Receipts After completing steps 1-6 on pp. 496-497, the Receipts window appears.window appears.
Click <Save> to post; then close.Click <Save> to post; then close.
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Entering a receipt, pp. 497-499Entering a receipt, pp. 497-499Read Recording Receipts and Cash Sales on pp. 497-499. Complete Read Recording Receipts and Cash Sales on pp. 497-499. Complete steps 1-6 on p. 498. The Receipts window is shown on p. 499.steps 1-6 on p. 498. The Receipts window is shown on p. 499.
Click <Save> to post. Click <Save> to post.
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Partial payment, pp. 499-500Partial payment, pp. 499-500Complete steps 1 – 5 on pp. 499-500. The Receipts window is Complete steps 1 – 5 on pp. 499-500. The Receipts window is shown on p. 500.shown on p. 500.
Click <Save> to post. Record the transactions shown at the Click <Save> to post. Record the transactions shown at the bottom of p. 500.bottom of p. 500.
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Enter cash sales, pp. 501-502Enter cash sales, pp. 501-502Read the information about cash sales on pp. Read the information about cash sales on pp. 501-502. 501-502.
Complete steps 1- 11 on pages 501 and 502 to Complete steps 1- 11 on pages 501 and 502 to enter cash sales. enter cash sales.
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Receipts window for cash sale, pp. 501-502Receipts window for cash sale, pp. 501-502
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Printing customer forms, pp. 502-505Printing customer forms, pp. 502-505
Complete steps 1 and 2 on page 505.Complete steps 1 and 2 on page 505.
Read the information on pages 502-505.Read the information on pages 502-505.
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Collection Manager window, p. 506Collection Manager window, p. 506After completing step 2 on page 505, the Collection Manager window After completing step 2 on page 505, the Collection Manager window appears.appears.
Complete steps 3 – 8 on pages 506-507.Complete steps 3 – 8 on pages 506-507.
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Printing the sales journal, Printing the sales journal, pp. 507-508pp. 507-508
Complete steps 1 and 2 on pp. 507Complete steps 1 and 2 on pp. 507
Compare your sales journal to the one Compare your sales journal to the one shown on p. 508.shown on p. 508.
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Printing the cash receipts Printing the cash receipts journal, pp. 508-509journal, pp. 508-509
Complete steps 1 – 2 on pp. 508-509.Complete steps 1 – 2 on pp. 508-509.
Compare your cash receipts journal to the Compare your cash receipts journal to the one shown on p. 509.one shown on p. 509.
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Printing the customer ledgers, Printing the customer ledgers, pp. 509-510pp. 509-510
Complete steps 1 and 2 on page 509.Complete steps 1 and 2 on page 509.
Compare your printout of the customer Compare your printout of the customer ledgers to the one shown on p. 510.ledgers to the one shown on p. 510.
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Printing the general ledger trial Printing the general ledger trial balance, pp. 510-511balance, pp. 510-511
Complete steps 1 and 2 on page 510.Complete steps 1 and 2 on page 510.
Compare your general ledger trial balance Compare your general ledger trial balance to the one shown on p. 511.to the one shown on p. 511.
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Editing receipts, pp. 511-512Editing receipts, pp. 511-512
From the Customers & Sales page, select ; View From the Customers & Sales page, select ; View and Edit Payments Received. Highlight Invoice 104.and Edit Payments Received. Highlight Invoice 104.
Click <Open>. The original Receipts window with Judy Click <Open>. The original Receipts window with Judy Perez’s partial payment appears. Close all windows.Perez’s partial payment appears. Close all windows.
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Backing Up Chapter 12 Data, Backing Up Chapter 12 Data, pp. 512-513pp. 512-513
Complete steps 1 - 6 on pp. 512-513.Complete steps 1 - 6 on pp. 512-513.The back up name is The back up name is Chapter 12Chapter 12..
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Glossary of TermsGlossary of TermsChapter 12Chapter 12
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Accounts receivable, p. 470Accounts receivable, p. 470
Money that is owed by customers to the Money that is owed by customers to the business.business.
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Accounts Receivable transactions, p. 470Accounts Receivable transactions, p. 470
Credit transactions from customers.Credit transactions from customers.
When Joann's Service Merchandise sells When Joann's Service Merchandise sells merchandise on account to customers, the merchandise on account to customers, the transactions are known as accounts transactions are known as accounts receivable transactions.receivable transactions.
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Invoice, p. 470Invoice, p. 470
A bill that shows an itemized list of goods A bill that shows an itemized list of goods shipped or services rendered, stating shipped or services rendered, stating quantities, prices, fees, and shipping quantities, prices, fees, and shipping charges. charges.
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Sales journal, p. 482-483Sales journal, p. 482-483 Sales on account are recorded in the Sales on account are recorded in the sales journal.sales journal.
In Peachtree, all the information about a In Peachtree, all the information about a sale is recorded in the Sales/Invoicing sale is recorded in the Sales/Invoicing window. Then, Peachtree takes the window. Then, Peachtree takes the necessary information from this window necessary information from this window and automatically journalizes the and automatically journalizes the transaction in the sales journal.transaction in the sales journal.
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Cash Receipts Journal, p. 483Cash Receipts Journal, p. 483
A journal used to record all inflows of cash. A journal used to record all inflows of cash.
Peachtree takes the necessary information Peachtree takes the necessary information from the Receipts window and from the Receipts window and automatically journalizes the transactions automatically journalizes the transactions in the cash receipts journal.in the cash receipts journal.
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Customer ledger, p. 483Customer ledger, p. 483
The customer ledger shows account The customer ledger shows account activity for each customer.activity for each customer.
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Accounts receivable ledger, p. 483Accounts receivable ledger, p. 483
The accounts receivable ledger shows the The accounts receivable ledger shows the account activity for each customer. account activity for each customer.
In Peachtree, this is called the customer In Peachtree, this is called the customer ledger.ledger.
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Service invoice, p. 491Service invoice, p. 491An alternative to the standard invoice. An alternative to the standard invoice. Use it when you want to create an Use it when you want to create an invoice without inventory items.invoice without inventory items.
Joann's Service Merchandise sells and Joann's Service Merchandise sells and repairs household items. When repairs repairs household items. When repairs are done, a service invoice is used.are done, a service invoice is used.
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11 Go to the book’s website at Go to the book’s website at www.mhhe.com/yacht2009.
22 Link to Student Edition. Link to Student Edition.
33 In the Course-wide Content list, link to Part 3 Internet Activities for In the Course-wide Content list, link to Part 3 Internet Activities for Chapters 11-14. Open or Save. (You can also choose Chapter 12, Chapters 11-14. Open or Save. (You can also choose Chapter 12, then link to Internet Activities. If you Choose a Chapter, observe that then link to Internet Activities. If you Choose a Chapter, observe that other chapter-specific links are available; for example, Quizzes, other chapter-specific links are available; for example, Quizzes, PowerPoints, and Going to the Net Exercises.) .PowerPoints, and Going to the Net Exercises.) .
44 Complete the WebCPA–Tools and Resources for the Electronic Complete the WebCPA–Tools and Resources for the Electronic
Accountant exercise. Read steps 1–3.Accountant exercise. Read steps 1–3. 55 Follow the steps shown on the book’s website to complete this Follow the steps shown on the book’s website to complete this
Internet activity.Internet activity.
66 Using a word processing program, write a brief summary of Using a word processing program, write a brief summary of what you find. Include all appropriate website addresses.what you find. Include all appropriate website addresses.
Internet Activity, p. 513Internet Activity, p. 513
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Going to the Net, p. 514Going to the Net, p. 514Access the Business Owner’s Toolkit website at Access the Business Owner’s Toolkit website at http://www.toolkit.cch.com/text/P06_1430.asp. Read the accounts receivable page, and then answer the following questions.
What is the common abbreviation for accounts What is the common abbreviation for accounts receivable?receivable?
What is the control account for customer sales What is the control account for customer sales on account?on account?
How is the ending accounts receivable total How is the ending accounts receivable total computed?computed?
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