PART A

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

1. Accounts Payable represents a potential cash _______________________.

2. Individual accounts payable ledger accounts are updated ____________________.

3. Merchandise purchases are recorded as debits to ____________________ .

4. Sales Tax Payable is a __________________ account with a __________________ balance.

5. A journal column total that is never posted is the ___________________ total.

6. Inventory purchases represent merchandise for ____________________ to customers.

7. In the general ledger, the controlling account for the accounts payable ledger is called ____________________ ______________________.

8. There is no ____________________ ______________________ ____________________ in a wholesale company.

9. The balance in the Accounts Payable controlling account should equal the total of all the accounts payable ledger accounts at the ___________________ _____________________ ____________________ __________________.

10. _______________________ _______________________ are never taken on sales tax.

11. A debit memorandum issued or a credit memorandum received results in a ______________________ to Accounts Payable and a ____________________ to Inventory.

12. GST is a ______________________ ______________________ tax.

13. List price - trade discount = ______________________ _______________________.

14. The purchases journal minimizes certain repetitive ________________________.

15. The total of Inventory Cr. column is posted at the ____________________ ____________________ __________________ ____________________ to the general ledger.

16. GST is charged on most sales of _____________________ and ________________________.

17. The cash payments journal records transactions that require a _____________________ to the cash account.

18. HST Prepaid is a(n) ____________________ account.

19. GST, PST, and HST are all __________________ to a ___________________ account at month end.

20. GST paid is _____________________ from GST collected to arrive at the net amount due.