Fill in the blank(s) to complete the statement. The trend in accounting is more to _________________ inventory rather than .______________ inventory. Purchase discounts are categorized as a(n) ____________ ___________account. The Purchases account has a __________ balance. Purchases are defined as merchandise for _____________________ to customers. The accounts payable subsidiary ledger represents a potential ________________ cash. The controlling account in the general ledger for the accounts payable subsidiary ledger is called _______________ ____________. The accounts payable subsidiary ledger would be recorded ________________. The balance in the Accounts Payable controlling account should be equal to the sum of the accounts in the ________________ ________________ _______________ ________________. In perpetual inventory, purchases are recorded as ___________________ __________________. Changes in individual accounts payable should be posted ________________. A(n) ________________ ______________ that is issued means the buyer owes leas money, as merchandise is being returned or an allowance received. A debit memorandum issued or a credit memorandum received results in a(n) __________ to Accounts Payable and a credit to Purchases Returns and Allowances. A sales discount is a ____________________ _______________ to a buyer. The accounts payable subsidiary ledger is listed in ___________________ _______________. Purchases Returns and Allowances is. increased by a(n) _____________________. Cost of goods sold is classified as a(n) _________________ . In a perpetual inventory system, freight is recorded in the ________________ ___________________ account. Purchases Discounts is increased by ____________________. A(n) _________________ ________________ provides the purchasing department the information to then prepare a purchase order. A(n) ______________________ ______________ is made out after a company inspects received shipments. Fill in the blank(s) to complete the statement. The trend in accounting is more to _________________ inventory rather than .______________ inventory. Purchase discounts are categorized as a(n) ____________ ___________account. The Purchases account has a __________ balance. Purchases are defined as merchandise for _____________________ to customers. The accounts payable subsidiary ledger represents a potential ________________ cash. The controlling account in the general ledger for the accounts payable subsidiary ledger is called _______________ ____________. The accounts payable subsidiary ledger would be recorded ________________. The balance in the Accounts Payable controlling account should be equal to the sum of the accounts in the ________________ ________________ _______________ ________________. In perpetual inventory, purchases are recorded as ___________________ __________________. Changes in individual accounts payable should be posted ________________. A(n) ________________ ______________ that is issued means the buyer owes leas money, as merchandise is being returned or an allowance received. A debit memorandum issued or a credit memorandum received results in a(n) __________ to Accounts Payable and a credit to Purchases Returns and Allowances. A sales discount is a ____________________ _______________ to a buyer. The accounts payable subsidiary ledger is listed in ___________________ _______________. Purchases Returns and Allowances is. increased by a(n) _____________________. Cost of goods sold is classified as a(n) _________________ . In a perpetual inventory system, freight is recorded in the ________________ ___________________ account. Purchases Discounts is increased by ____________________. A(n) _________________ ________________ provides the purchasing department the information to then prepare a purchase order. A(n) ______________________ ______________ is made out after a company inspects received shipments