Question

Customers Transaction: Receive Payment Complete the following to record a customer payment from Angel Merriman. Required: Create Receive Payment. Select (+) New icon > Receive Payment Select Customer: Angel Merriman: Kuno Select Payment Date: 01/30/2023 Select Payment Method: Credit Card Select Deposit to: 1001 Checking Select the Angel Merriman: Kuno Invoice just entered What is the Amount Received? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Select Save and close

View the Transaction Journal for Receive Payments. From the Navigation Bar, select Sales > All Sales tab From the Sales Transactions List, select Angel Merriman: Kuno Payment just entered From the bottom of Receive Payment, select More > Transaction Journal What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places.

Answer 1

To record a customer payment without the invoice amount, we cannot complete the table. Upon entry, the 'Amount Debited' will be the payment amount in the 1001 Checking account, and the 'Amount Credited' will be the same amount in the Accounts Receivable or customer account.

Step-by-step explanation:

The process you're asking about relates to accounting practices within a business software system. To answer your two-part question, first, we need to know the amount of the invoice generated for Angel Merriman: Kuno to provide a Without the invoice amount, we cannot complete the table. After entering the payment, the Transaction Journal will show two main entries for a credit card payment: the bank account (1001 Checking) will be debited for the amount received, and the Accounts Receivable or Angel Merriman: Kuno account will be credited for the same amount, effectively closing the open invoice.

This procedure reflects typical accounting movements when a payment is received: the bank account increases while the customer's outstanding balance decreases. This action ensures that your business records accurately reflect the updated financial position post-transaction. Please note that for exact figures, we need to reference the original invoice for the accurate Amount Received.