The Entry to Record Payment of a Voucher for an Invoice

question 97

Multiple Choice

The entry to record payment of a voucher for an invoice within the discount period under the gross method will include:

• A) a debit to Purchase Discounts.
• B) a credit to Purchase Discounts.
• C) a debit to Cash.
• D) Both B and C would be in the entry.

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Definitions:

Woodward's Classification

Woodward's classification is a framework developed by Joan Woodward that categorizes firms into three basic types—unit production, mass production, and process production—based on the complexity of their technology and production processes.

Operations Technology

The hardware and software solutions used to manage and improve core operations and processes within a business or manufacturing environment.

Automobile Assembly Line

A manufacturing process in which parts are added to an automobile as it moves from workstation to workstation, each step in the process is completed in a sequence until the vehicle is completed.

Continuous-Process

A manufacturing or production process that operates constantly, without interruption, to produce products or materials.