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

18. Purchases are defined as merchandise for ____ to customers

19. The accounts payable subsidiary ledger represents a potential _____ of cash.

20. The controlling account in the general ledger for the accounts payable subsidiary ledger is called ____.

21 The balance in the account payable controlling account should be equal to the sum of the accounts payable ledger accounts _____.

22.  The total of the other accounts columns is ______.

23.The (✓) in the reference column indicates that the _____ has been updated/

24. A ___ that is issued means the buyer owes less money, as merchandise is being returned or allowance received.

25. A debit memorandum issued or a credit memorandum received results in a _______ accounts Payable and a credit to Purchases, Returns, and Allowances.

26. List price - net price = _________ amount

27. The accounts payable ledger is listed in ______

28. Purchases, Returns, and allowances is increased by a _________

29. The cash payments journal records transactions that involve outward flow of _____.

30. The cash payment journal alleviates certain repetitive _______.

31. Purchases discounts is increased by ______

32. A _____ provides the purchasing department the information to then prepare aa purchase order.

33. A _______ is made out after a company inspects received shipments.

34. The total of the cash column is posted at the ________ to the general ledger.