Question

A credit to Vouchers Payable is made once an invoice is received for equipment placed in...

A credit to Vouchers Payable is made once an invoice is received for equipment placed in service.

true or false?

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Answer #1

Statement is False- because merely receiving of invoice is not a ground for payment for vouchers payable. when the supplier or vendor will send an invoice to the company that had received the goods and/or services on credit. When the invoice or bill is received then each vendor invoice is routed to accounts payable for processing. but before processing for payment the invoice is verified and approved, then the amount will be credited to the company's Accounts Payable account.

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