If Partial Payment Is Made and Installment Payments Are Set

Multiple Choice

If partial payment is made and installment payments are set up after the voucher is prepared for the total amount owed:

A) the old voucher is cancelled and a new voucher is prepared for the new amount owed.
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 is correct.