True or false answer choice

1. A sales ticket is a document created as evidence of a sale in a retail business. 2. In the marketing chain, the wholesaler is before the retailer. 3. At the end of the period, the income statement shows total bank credit card fees for the period as a reduction of sales to determine net sales. 4. A credit memo states the amount of a sales allowance. 5. The sales tax payable account is a contra-revenue account that is credited for the amount of tax imposed on sales. 6. If the amount of a sales return and allowance is a large proportion of the original sales transaction, the original journal entry is deleted and a new entry to record the smaller sale is recorded. 7. Gross sales plus sales returns and allowances less sales discounts equals net sales. 8. An accounts receivable ledger is a separate ledger containing an individual account receivable for only customers who have open balances. 9. A retailer is a business that buys products to sell to other businesses that then sell the products to other consumers. 10. When a credit entry is made to Accounts Receivable, posting is required in the subsidiary ledger but not in the controlling account. 1 1. Bank credit card sales are not similar to cash sales because cash is not available to the business until the amount owed is collected from the customer. 12. A sales invoice of $200 has terms of 3/10, n/30. The amount of the discount would be $6. 13. The schedule of accounts receivable lists the total amount received from each customer