FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Flowers, Inc. receives a partial payment from Bridal Boutique on three open invoices. How should Flowers, Inc. handle the payment for accounting purposes?
Select an answer:
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Manually change the payment amount in Amount received, select it, and QuickBooks will apply the payment starting from the oldest invoice.
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Manually change the payment amount in Amount received so the payment is applied in one-thirds to each of the three open invoices.
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Return the payment to Bridal Boutique because QuickBooks is unable to clear any single open invoice unless all of them are paid in full.
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