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Answer the following questions to see what you've learned.

1.

When the payment is posted, the vendor liability is recognized, but the bank account isn’t yet credited. Instead, a clearing account is used for this purpose. Which one of the following processes of postdated checks should be used?

Set up postdated checks.

Register and post a replacement postdated check for a vendor.

Register and post a postdated check for a vendor.

2.

When the payment is posted, the customer receivable is recognized, but the bank account isn’t yet debited. Instead, a clearing account is used for this purpose. Which one of the following processes for postdated checks should be used?

Settle a postdated check for a customer or a vendor.

Register and post a postdated check for a vendor.

Register and post a postdated check for a customer.

You must answer all questions before checking your work.

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