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PART IV: Answers Indicate if the following questions are TRUE or FALSE (20 Points) 1. The time period a customer is granted to pay the bill 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, 3/10, n/30 paid within 10 days would be $21. 9. 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. 11 10. PARTY MULTIPLE CHOICE QUESTIONS Pointe 1. For requires the reporting of the flowing te? FUTAFICA FAIT 6 FICA FIT and FUTA FICA Tinca 516 per how he worked hours. This pay period and receives time and wir any hours worked over 20 hours per week agro pay . ICAOAD PICA Medicare & FUTA BUTA The wall mount of PICAS Gudbe posted in Employers termine the amount of things based on the employeemigation allowances, the number of pay periods, the amount of paper is pay period, and 7. Payroll personed to record che employer's portion of RICA Englendermine the amount of Federal Income The wholding hand on the mware engloyee has and on to The gover's Awal Federal Unployment to Raton is called Form wa 10 General engores e mode with a person of eroy's ages for Selcome Echos caring, wing, Erken pay where town PUTA player and employee portion SUAgreep