32 The entries in the sales journal must also be recorded separately to: a the accounts receivable general ledger account b. the accounts receivable subsidiary ledger accounts c. the accounts receivable controlling account d. the sales account 33 If a business buys goods for $350 and later issues a debit memorandum for $25, the amount it owes the seller is $325 b. $350 $375 d. $400 c. 34. F.O.B. Destination indicates: a. The buyer is paying for freight, and the sale takes place when the goods are delivered. b. The seller is paying for freight, and the sale takes place when the goods are shipped. c. The buyer is paying for freight, and the sale takes place when the goods are shipped. d. The seller is paying for freight, and the sale takes place when the goods are delivered. A business form that indicates a departments' request to purchase supplies is: A purchase requisition b. A purchase order c. A receiving report d. A check request 35. 2. 36. 37. The account used to record the cost of freight by the purchaser on merchandise purchased is: a. Merchandise inventory b. Cost of goods sold c. Freight-in d. Freight-out A company purchased goods but found they were defective and returned them. The company would record the return as: a. A purchase return b. A purchase discount c. A sales return d. A sales discount 38. Gross profit is calculated by a. Revenue less operating income b. Operating income less cost of goods sold c. Cost of goods sold less freight-in d. Revenue less cost of goods sold 39. What is the purpose of the Fair Labor Standards Act(also called the Federal Wage and Hour Law2)