Fill in the blank(s) to complete the statement.

1. The credit period is longer than the _________________________ _______________________ .

2. The Accounts Receivable Ledger lists in ____________________ order an account for each customer.

3. List price minus _____________________ ___________________ equals selling price.

4. The accounts receivable ledger is updated _______________________.

5. The totals of the sales journal are posted to the general ledger account at _________________ ________________.

6. The sale of merchandise on credit is recorded in the _____________________ _____________________.

7. Sales Discount is a _________________ account.

8. Gross profit is net sales less ________________ _________________ ________________ _______________.

9. In the general ledger, __________________ __________________ is called the controlling account.

10. A __________________ _________________ results in the seller reducing its accounts receivable.

11. The ________________ column total in the cash receipts journal is never posted.

12. Receipts of cash from any source are recorded in the _______________ _______________ ______________.

13. The () in the reference column in a sales journal indicates that the __________________ _________________ _________________ has been updated.

14. In the ___________________ inventory system, the Cost of Goods Sold account shows the cost of the inventory sold during the accounting period.