Fill in the Blank Questions
12.A(n) ____________________ business sells goods that it purchases in finished form for resale.
13.The entry to record a sale of merchandise on credit that is subject to sales tax includes a(n) ____________________ to Sales Tax Payable.
14.A business that sells goods and services directly to individual consumers is called a(n) ____________________ business.
15.The stock of goods kept on hand to sell to consumers is called ________________________.
16.A(n) ____________________ journal is a journal that is used to record only one type of transaction.
17.A ledger that contains accounts of a single type is called a(n) ____________________ ledger.
18.Sales Tax Payable is classified as a(n) ____________________ account.
19.To indicate that an amount has been posted from the sales journal to the accounts receivable subsidiary ledger, a(n) ____________________ is placed in the Posting Reference column of the journal.
20.The ____________________ ledger contains accounts for credit customers.
21.The Sales Returns and Allowances account has a normal ____________________ balance.
22.A list of all unpaid balances in the accounts receivable subsidiary ledger is called a(n) ____________________ of accounts receivable.
23.When an accounts receivable subsidiary ledger is used, the Accounts Receivable account in the general ledger is considered to be a(n) ____________________ account.
24.The reductions from list prices that many wholesale businesses offer their customers are called ____________________ discounts.
