Fill in the blanks with the correct terms from the list below:
Cash receipts journal.............................. sales journal
Sales returns and allowances ................subsidiary ledger
Cost of goods sold ....................................credit period
Sales discount............................................gross profit
Perpetual inventory system.....................accounts receivable subsidiary ledger

1. The difference between sales and cost of goods sold is called _________________.
2. The __________________ is the time period that can pass before a customer’s payment is due.
3. The journal that is used to record only sales made on account is the _________________.
4. A(n) _____________________ is a ledger that contains accounts of a single type.
5. A(n) ___________________ is a cash discount granted to customers for payments made within a specific period of time.
6. When an inventory system keeps a continuous record of inventory and cost of goods sold, the system is called the ___________________.
7. The special journal that records all transactions involving the receipt of cash from any source is the ___________________.
8. The ___________________ account is the contra-account that records price adjustments and allowances granted on merchandise.
9. _____________________ represents the total cost of merchandise that is sold.
10. A(n) _____________________ is a book or file that contains the individual records of amounts owed by various credit customers.