12. Sales Returns and Allowances is a contra-asset account. 13. A discount period is longer than...

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12. Sales Returns and Allowances is a contra-asset account. 13. A discount period is longer than the credit period. 14. Each account in the accounts receivable ledger is debited to record amounts owed by customers. 15. Cash sales are recorded in the sales journal. 16. There is a "Dr/Cr" column in accounts receivable ledger accounts. 17. Trade discounts occur because of timely payments of one's bills. 18. Net sales less cost of goods sold equals gross profit. 12. Sales Returns and Allowances is a contra-asset account. 13. A discount period is longer than the credit period. 14. Each account in the accounts receivable ledger is debited to record amounts owed by customers. 15. Cash sales are recorded in the sales journal. 16. There is a "Dr/Cr" column in accounts receivable ledger accounts. 17. Trade discounts occur because of timely payments of one's bills. 18. Net sales less cost of goods sold equals gross profit.