When a customer returns defective office supplies the Sales Returns and Allowances account will be debited.
64) Sales Returns and Allowances is a contra-revenue account with a normal credit balance.
65) The credit period is longer than the discount period.
66) An example of a subsidiary ledger is the accounts receivable ledger.
67) The controlling account is found in the subsidiary ledger and it summarizes or controls the general ledger account.
68) When you record the entry to the subsidiary ledger and place the checkmark in the PR column, it is not necessary to post to the Accounts Receivable controlling account.
69) Individual credit customer accounts are kept in the general ledger.
70) Sales discounts are usually not an incentive for the customer to pay early.
71) Gross Sales equals all the cash and credit sales made by a business for a specific period.
72) Sales Discounts is a contra revenue account with a debit balance that accumulates the cash discounts customers are granted.
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