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PART 1 Fill out the Forms (36) 1. Place an X in the column that indicates the journal in which each of the following transactions will be recorded in Sales Purchases General item Journal Journal Journal Sold employee refrigerator on account Bought office supplies for cash Sold merchandise for cash Bought office furniture on account Received credit memo for merchandise returned Bought employee refrigerator on account issued credit memo for merchandise returned by customer Recorded and paid month's payroll Paid freight on office furniture 2. For the following account titles, indicate it is used in a periodic, perpetual or both inventory system(s) when journalizing transactions by placing an X in the appropriate column Periodic Perpetual Inventory inventory Account System System Both Sales Freight In Purchase Returns and Allowances d'Accounts Payable Cost of Goods Sold Sales Returns and Allowances Merchandise Inventory Purchases Accounts Receivable PARTI: Answers TRUE OR FALSE (20 Points) Indicate if the following questions are TRUE OF FALSE 1. The time period a customer is granted to pay the bil is the credit period 2 All credit sales should be recorded in the accounts receivable account and the accounts receivable subsidiary ledger 3. Sales Returns and Allowances has a normal debit balance 4. The accounts payable account also has a subsidiary ledger to which customer accounts are individually posted 5. Sales discounts are recorded in the general journal. 6. Accounts receivable and accounts payable are known as controlling accounts 7. A debit memorandum is used to handle customer returns. 8 The discount on an invoice reading $700, 310, n130 paid within 10 days would be $21. Sales Tax Payable is a liability account with a credit balance Net Sales is computed by adding Gross Sales. Sales Discounts, and Sales Returns and Allowances 10