for each statement below out money out transactions identify if the statement is true or false.\nwhen you…

for each statement below out money out transactions identify if the statement is true or false.\nwhen you receive a check from your customer to pay an open invoice, you should select check to record the amount.\nvendor credits can be used to reduce the amount paid to a vendor.\nafter entering a bill you should select to pay bills when it is time to pay the bill.\nentering a bill increases accounts payable.

for each statement below out money out transactions identify if the statement is true or false.\nwhen you receive a check from your customer to pay an open invoice, you should select check to record the amount.\nvendor credits can be used to reduce the amount paid to a vendor.\nafter entering a bill you should select to pay bills when it is time to pay the bill.\nentering a bill increases accounts payable.

Answer

Answer:

  1. Yes
  2. Yes
  3. Yes
  4. Yes

Brief Explanations:

  1. When receiving a customer - check for an open invoice, 'Check' is used for recording.
  2. Vendor credits are meant to reduce vendor - payments.
  3. After entering a bill, 'Pay bills' is selected for payment.
  4. Entering a bill adds to accounts payable.