fill in the blank questions 12 a n business sells goods that it purchases in 4303589


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. 






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