FILL IN THE BLANKS 1. The normal balance of Sales Discounts is ____...

FILL IN THE BLANKS

1. The normal balance of Sales Discounts is ____

2. ____ and_____ is a contra-revenue account.

3. Sales discount is a ______ account

4. A discount period is less time than the ______

5. A _______ records the sale of merchandise on account

6. The ___ lists in alphabetical order an account for each customer

7. _____ in the general ledger is called the controlling account

8. The (✓) in the sales journal indicates that the accounts receivable ledger has been

Updated_______

9. The totals of the sales journal are posted at the ______ to the general ledger account.

10. VAT payable is a____ in the general ledger

11.Issuing a ___ results in the seller reducing its accounts receivable

12. Sales Returns and Allowances is a _____ account

13. The ___ records the receipt of cash from any source

14. The total of the ____ column in the cash receipts journal is never posted.

15. A ___ list the ending balances from the accounts

16. F.O.B. Shipping point means the ____ covers the shipping cost

17. The purchase account has a ____ balance