Question

8. To record a partial payment in the payments journal, you must change - a. the cheque number b. the date of payment c. the invoice number d. the payment amount 9. Transactions entered in the receipts journal will not allow the following - a. payments greater than the invoice amount b. payments less than the invoice amount c. editing of the discount amount d. reversing a previous payment 10. The payments journal may be used for the following - a. full cash payment to suppliers b. partial cash payment to suppliers c. purchase transactions paid by cheque d. all of the above

Answer 1

8. Your required answer is option D i.e. The Payment Amount

Explanation:

When we make partial payment then we need to change or modify the Payment Amount that we are actually making.

9. Your required answer is option B i.e. Payment less than the Invoice Amount

Explanation:

transaction entered in the receipts journal will not allow the payment less than the Invoice Amount however you can enter the higher amount.

10. Your required answer is option D i.e. All of the Above

Explanation:

Payment Journal is used to make Cash payment to supplier or partial cash payment to suppliers or to record purchase transaction paid by cheque.

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