Question

Which of the transactions listed here could be made into a recurring transaction? Select as many as are correct.(Select all that apply)An expenseA customer paymentAn invoiceAn adjusting journal entry

Answer 1

Answer:

An expense, An invoice, An adjusting general entry

Explanation:

Well for the items provided,

Recurring transactions are those transactions which occur almost on a defined intervals. Recurring does not mean regular occurring, but it's occurring period is defined.

Therefore, Recurring Transactions are:

An expense = example monthly fixed payments of salary and wages, rent, utilities.

An invoice = this will be a regular transaction as issuing invoice to customers, is the daily business.

An adjusting general entry = as for like depreciation is fixed monthly,

Note: a customer payment is not recurring as it depends customer to customer as the payment is to be received or not, and at what interval it will be received.

Recurring transactions are:

An expense, An invoice, An adjusting general entry