23.2   Learning Objective 23-2

 

1) If it is later decided to pay an approved voucher in two payments:

A) a memo in the check register must show the unpaid balance.

B) an entry in the Paid column of the voucher register must show the unpaid balance.

C) the original voucher must be canceled and two new vouchers must be issued.

D) a memo must be made on the voucher to show the unpaid balance.

 

2) After Crowe purchased $5,000 of merchandise from Hanks, Crowe discovered $400 of defective merchandise. Record the entry for the return (assume the gross method).

A)

Vouchers Payable

5,000

    Vouchers Payable

4,600

Purchases Returns & Allow.

400

 

B)

Vouchers Payable

400

Vouchers Payable

400

 

C)

Vouchers Payable

4,600

Purchases Returns & Allow.

   400

Vouchers Payable

5,000

 

D) None of these answers are correct.

3) After Sally purchased $3,000 of merchandise from Bob, Sally discovered $800 of defective merchandise. Record the entry for the return.

A)

Vouchers Payable

800

Vouchers Payable

800

 

B)

Vouchers Payable

3,000

    Vouchers Payable

2,200

Purchases Returns & Allow.

800

 

C)

Vouchers Payable

2,200

Purchases Returns & Allow.

   800

Vouchers Payable

3,000

 

D) None of these answers are correct.

 

4) Alex returned all of the $1,000 purchase of equipment to James. The entry to record this is:

A)

Vouchers Payable

1,000

Equipment

1,000

 

B)

Equipment

1,000

Vouchers Payable

1,000

 

C)

Equipment

1,000

Accounts Payable

1,000

 

D) None of these answers are correct.

5) Bill returned all of the $4,700 purchase of equipment to Sue. The entry to record this is:

A)

Vouchers Payable

4,700

Equipment

4,700

 

B)

Equipment

4,700

Vouchers Payable

4,700

 

C)

Equipment

4,700

Accounts Payable

4,700

 

D) None of these answers are correct.

 

6) Emily purchased $2,000 of merchandise on April 1 and recorded it in the voucher register. On April 8, $400 of the merchandise proved to be defective. The entry would be to:

A) reduce the original voucher.

B) record a purchase return in the general journal.

C) cancel the original voucher and record a revised voucher.

D) None of these answers are correct.

 

7) 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.

 

8) When there is a return after the original voucher has been prepared, the first step is to cancel the old voucher.

9) If a purchase return or allowance occurs after the posting of the original voucher, the original voucher is cancelled.

 

10) Partial payments of an original voucher require new vouchers for each approved payment.

 

 

 



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