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?

Homework Answers

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.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Create a Flowchart for the following scenario: An invoice is received in accounts payable from the...
Create a Flowchart for the following scenario: An invoice is received in accounts payable from the vendor, where it is matched to the purchase order received from the purchasing department and the receiving report from the receiving department. If the documents match then the information from the invoice is entered into the accounts payable system to update the master files. A payment authorization is then generated with 2 copies. One copy is filed alphabetically with the invoice, purchase order, and...
You are in the Accounts Payable dept. for XYZ Hospital. The Hospital has received an invoice...
You are in the Accounts Payable dept. for XYZ Hospital. The Hospital has received an invoice from ABC Medical Supplies for $1,000 dated February 13, 2018 with the payment terms 2%10/EOM. The invoice was for $880.00 for supplies, $80.00 for freight charges and $40.00 for sales taxes. a. When do you have to pay the invoice in order to earn the discount? (specific date) b. What will the discount be? ( in terms of actual dollars and cents)
Description Debit Account Credit Account Receive invoice to pre-pay insurance premium for 1 year Prepaids Cash...
Description Debit Account Credit Account Receive invoice to pre-pay insurance premium for 1 year Prepaids Cash Amortise 1-month of above prepaid insurance Insurance expense Prepaids Issue invoice to resident for current month billing Receive cheque from above resident for payment of invoice & deposit to bank Receive invoice to buy equipment that was delivered Pay invoice by cheque for the above equipment Record depreciation of above equipment Receive cash donations for general use Record initial set up of a petty...
Question 5 2.5 pts The reversing entry for Salaries is: debit Salaries Expense; credit Salaries Payable....
Question 5 2.5 pts The reversing entry for Salaries is: debit Salaries Expense; credit Salaries Payable. debit Salaries Payable; credit Income Summary. debit Salaries Expense; credit Accounts Payable. debit Salaries Payable; credit Salaries Expense. Flag this Question Question 6 2.5 pts Reversing entries are done when assets or liabilities are increasing and have no previous balance. True False Flag this Question Question 7 2.5 pts Reversing entries are the opposite of closing entries. True False Flag this Question Question 8...
Assets such as inventory and equipment, as well as liabilities such as accounts payable, are absent...
Assets such as inventory and equipment, as well as liabilities such as accounts payable, are absent from a cash basis balance sheet. (True or False)
Account Debit Credit Cash 23000 Accounts Receivable 49700 Prepaid insurance 11300 Equipment 150500 Accounts payable 6050...
Account Debit Credit Cash 23000 Accounts Receivable 49700 Prepaid insurance 11300 Equipment 150500 Accounts payable 6050 Salaries Payable 4250 Common Stock 110,000 Dividends 18,500 Service Revenue 236,600 Salary expense 98,930 Miscellaneous expense 4970 424,020 424,020 1. IDENTIFY errors in trial balance. All accounts have normal balances. 2. Prepare a corrected trial balance
Recorded depreciation expense factory equipment $15,000, and other manufacturing overhead of $56,200 (credit accounts payable).
Recorded depreciation expense factory equipment $15,000, and other manufacturing overhead of $56,200 (credit accounts payable).
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,520 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,090 Accounts Payable 3,030 Supplies 1,850 Unearned Service Revenue 400 Equipment 10,730 Salaries and Wages Payable 800 Common Stock 10,730 Retained Earnings 3,730 $19,190 $19,190 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $420 is for November and $800 is for October salaries payable. 10...
U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends received...
U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends received from 100 percent owned foreign corporations, even if the dividend qualifies for the 100 percent dividends received deduction. TRUE/FALSE
1. A credit sale of $1100 is made on July 15, terms 2/10, net/30, on which...
1. A credit sale of $1100 is made on July 15, terms 2/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? $980 $1100 $1050 $1078 2. Which one of the following is not a justification for adjusting entries? Adjusting entries are necessary to ensure that the expense recognition principle is followed. Adjusting entries are necessary to ensure that the revenue recognition principle is followed. Adjusting...