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.