Which transaction records a sale with payment received at the time of the transaction (no accounts receivable)?

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Study for the QuickBooks Certified User (QBCU) Exam. Prepare with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Multiple Choice

Which transaction records a sale with payment received at the time of the transaction (no accounts receivable)?

Explanation:
When payment is received at the moment of the sale, you record a sales receipt. This entry captures both the sale and the cash or bank receive in one step, so no accounts receivable is created. In QuickBooks, an invoice is used when payment will come later, which generates accounts receivable to track what the customer owes. An estimate is just a price quote, and a purchase order is a request to a supplier for goods. Therefore, the sales receipt is the correct record for a sale with immediate payment.

When payment is received at the moment of the sale, you record a sales receipt. This entry captures both the sale and the cash or bank receive in one step, so no accounts receivable is created. In QuickBooks, an invoice is used when payment will come later, which generates accounts receivable to track what the customer owes. An estimate is just a price quote, and a purchase order is a request to a supplier for goods. Therefore, the sales receipt is the correct record for a sale with immediate payment.

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