Fill in the Blanks with the Correct Answer

Answers to choose from:

Accounts Receivable Ledger

The control of small amounts of cash disbursements

Invoice price minus any discount, plus any added or incidental

Net sales, average accounts receivable

Notes receivable, $ 4,000, Sales, $ 4,000

1. The cost of an inventory item includes _____________________, plus ______________ costs necessary to put it in a place and condition for sale.

2. Individual transactions in the Sales Journal are posted regularly to customers' accounts in the ______________________.

3. A petty cash fund is used for ______________________________.

4. Myrex Corporation purchased $4,000 in parts from Tech Com Myrex signed a 60-day, 10% promissory note. Tech Com should record the sale with a journal entry debiting ____________________ for $________ and crediting __________________ for $________.

5. Accounts receivable turnover is calculated by dividing _________________ by _____________________.