7. The sum of the accounts receivable ledger should be equal to the balance in the controlling account at the end of the month.

8. The sales journal records cash sales and credit sales.

9. A () means the total of sundry is posted monthly.

10. Net sales less Sales Returns and Allowances equals gross profit.

11. Businesses usually have a sales journal to record cash sales.

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 ones bills.

18. Net sales less cost of goods sold equals gross profit.

ANSWER TRUE OF FALSE.