answer the question true or false

chapter 7 Special Journals and Subsidiary Ledgers

12. Businesses usually have a purchases journal to record cash purchases. 13.F.O.B. shipping point means the seller is responsible to cover shipping costs. 14. Purchases discounts are a credit to the Inventory account. 15. A discount period is longer than the credit period. 16. Each account in the accounts payable ledger is credited to record amounts owed to suppliers. 17. Cash purchases are recorded in the cash payments journal. 18. There is a "Dr/Cr" column in accounts payable ledger accounts. 19. Trade discounts occur because of timely payments of one's bills. 20. Gross profit less operating expenses equals net income