) Account balances in the general ledger and the subsidiary ledgers should be

) Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

2) Sales allowances refer to a reduction in price offered for damaged merchandise.
3 ) A retailer sells goods and services to the consumer.4) The purchases journal is used to record cash purchases of merchandise.5 ) Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances and (3)
recording purchases discounts.
6) A merchandiser sells goods only for cash.
7 ) A retailer is an intermediary that buys products from manufacturers and sells them to wholesalers.
8) Most transactions for merchandising businesses fall into four groups: sales on credit purchases on credit cash receipts and cash disbursements.
9) Sales discounts provide incentives to customers to remit payment early on credit purchases.