What should you do?

Correct Answer for the Question – What should you do? is given below

You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?

Cancel the invoice, which debits the liability and credits the expense.

Issue a credit memo, which will debit the liability and credit the expense.

Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.

Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

Correct Answer

The Correct Answer for this Question is

Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

Explanation

The Question – What should you do? has been answered correctly and answers for the question is Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

More about these Exams

These Exam Questions and the order of these questions keep changing. but the answers are obviously same. so if you don’t find a question after another we suggest you search it in the search box and we are sure you’ll find it. you can bookmark this site for Quick access in future.

We hope you found it helpful don’t forget to leave a comment if you feel a need to correct or ask we’re always here to help.

READ :   What should you do?

you can find more here at Certout

Feel free to contact via comment or email.

Happy Learning

Cheers, Team Certout

Leave a Comment