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FILL IN THE BLANKS 18. Purchases are defined as merchandise for...

FILL IN THE BLANKS

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 preparae a 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.

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