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fill in the blank questions 16 the source document for an entry in the sales journal 4301963


Fill in the Blank Questions

16. The source document for an entry in the sales journal is a(n) ____________________. 

17. The entry to record a sale of merchandise on credit that is subject to sales tax includes a(n) ____________________ to Sales Tax Payable. 

18. Sales Tax Payable is classified as a(n) ____________________ account. 

19. A(n) ____________________ business sells goods that it purchases in finished form for resale. 

20. A business that sells goods and services directly to individual consumers is called a(n) ____________________ business. 

21. The stock of goods kept on hand to sell to consumers is called _________________________. 

22. A(n) ____________________ journal is a journal that is used to record only one type of transaction. 

23. A ledger that contains accounts of a single type is called a(n) ____________________ ledger. 

24. 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. 

25. The ____________________ ledger contains accounts for credit customers. 

26. The Sales Returns and Allowances account has a normal ____________________ balance. 

27. A(n) ____________________ is a business form that is issued to a credit customer upon acceptance of the return of damaged goods. 

28. When an accounts receivable subsidiary ledger is used, the Accounts Receivable account in the general ledger is considered to be a(n) ____________________ account. 

29. A list of all unpaid balances in the accounts receivable subsidiary ledger is called a(n) ____________________ of accounts receivable. 

30. The reductions from list prices that many wholesale businesses offer their customers are called ____________________ discounts. 


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