PART A Fill in the blank(s) to complete the statement. 1.The credit period longer than the order an account for each 2. The Accounts Payable Ledger lists in supplier. 3. Goods purchased for resale to its customers are called 4. The accounts payable ledger is updated 5. The totals of the purchases journal are posted to the general ledger account at 6. The purchase of merchandise on credit is recorded in the 7. Gross profit is net sales less 8. In the general ledger, is called the controlling account. 9. A results in the purchaser reducing its accounts payable. 10. F.O.B. destination means the covers the shipping cost. 11. A debit memo means the buyer owes money, as merchandise is being returned on allowance received. 12. A process that proves the mathematical accuracy of recording transactions in the cash payments journal is called 13. The column total in the cash payments journal is never posted. 14. A listing of the ending balances from the accounts payable ledger is called a 15. An alternative method of calculating GST/HST payable is called the 16. The (V) in the reference column in a purchases journal indicates that the has been updated. 17. After a company inspects received shipments, a prepared. 18. The document that provides the purchasing department with the information to prepare a purchase order is called a