The Entry to Record Payment of a Voucher for an Invoice

question 71

Multiple Choice

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

• A)a debit to Vouchers Payable.
• B)a credit to Purchase Discounts.
• C)a debit to Discounts Lost.
• D)None of these are correct.

---

Definitions:

Nonconforming

Refers to goods that fail to meet the specifications or requirements set forth in a contract.

Perfect Tender Rule

A legal principle requiring sellers to deliver goods to buyers exactly as specified in their contract, with no deviations.

Course of Performance

A legal concept referring to the conduct between parties in the execution of a contract, helping to interpret or modify the contract's terms.

Late Delivery

The failure to transport or send goods to the designated recipient within the agreed timeframe.