Answered Essay: Fill in the blank(s) to complete the statement. The normal balance of sales returns and allowances i

Name Dase CHAPTER SUMMARY PRACTICE TIST Part I SALES AND CASH RECEIPTS Fill in the blank(6) to complete the statement. 1. The normal balance of sales teturns and allowances is 2. 3. Sales is a(n) 4. A discou 5. A debit ac and Is a contra-revenue account. nt period is less time than the it to accounts receivable and a credic to sales tecords the sale of merchandie 6. The alphabetical order an account for each custome 8. The collection of a sale on account is posted to the in the general ledger is called the controlling, account. and results in a debit to sales returns and allowancs and 9. Issuing credit to accounts receivable. 10. The normal balance of Sales Discounts is 11. Sales Tax Payable is a(n) 12. Cash sales result in a(n) 13. 14. 15. No 16. A(n) in the general ledger to cash anda to sales. Sales Returns and Allowances is a(n) A sale on account is posted to the account and the are taken on sales tax. lists the ending balances from the accounts receivable ledger Part II Complete the following chart: Cr. Dr Transaction 1. Sale for cash 2. Issued credit memo 3. Sale on account 4. Received cash payment less discount 40 Sales 42 Sales Discount 44 Sales Returns and Allowances rtial Chart of Accounts Cash Accounts Receivable SG-396

Fill in the blank(s) to complete the statement. The normal balance of sales returns and allowances is ________. _______ ________ and ________ is a contra revenue accountant. Sales is a(n) _______ account. A discount period is less time than the ________ ______. A debit to accounts receivables and a credit to sales records the sale of merchandise _________ _________. The ______ _______ _________ ________ lists in alphabetical order an account for each customer. ______ _______ in the general ledger is called the controlling the account. The collection of a sale on account is posted to the ______ and _______. Issuing ______ ______ results in a debit to sales returns and allowances and a credit to accounts receivable. The normal balance of Sales Discounts is _______. Sales Tax Payable is a(n) ________ in the general ledger. Cash sales result is a(n) ______ to cash and a ______ to sales. Sales Returns and Allowances is a(n) _____ ______ account. A sale on account is p

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