To Record a Partial Payment in the Payments Journal, You

question 27

Multiple Choice

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

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Definitions:

Net Income

Represents the total profit of a company after all expenses and taxes have been subtracted from total revenue.

Insurance Policy

A contract between an insurer and a policyholder stipulating the terms under which the insurer agrees to compensate the insured for specific losses.

Adjusting Entry

An accounting entry made into a journal at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Property Tax

A tax assessed on real estate by the local government and based on the property's value.