If a partial payment is made after the voucher is prepared:
A)the old voucher is cancelled and a new voucher is prepared for each installment.
B)the old voucher is credited for the entire amount.
C)Vouchers Payable is debited; Purchases Returns and Allowances is credited.
D)None of these answers are correct.

Question

Quizplus · Accepted Answer

If a partial payment is made after the voucher is prepared, the old voucher is cancelled and a new voucher is prepared for each installment. This helps to keep the vendor's account up to date and accurate.

If a Partial Payment Is Made After the Voucher Is