Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business.

Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business.

Name: TerminologyMatch each phrase with its definition.A. Sales discountB.
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Description: TerminologyMatch each phrase with its definition.A. Sales discountB. Credit periodC. Discount periodD. FOB destinationE. FOB shipping pointF. Gross profitG. Merchandise inventoryH. Purchases discount1.2.3.4.5.6.7.8.Goods a company owns and expects t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Terminology
Match each phrase with its definition.
A. Sales discount
B. Credit period
C. Discount period
D. FOB destination
E. FOB shipping point
F. Gross profit
G. Merchandise inventory
H. Purchases discount
1.
2.
3.
4.
5.
6.
7.
8.
Goods a company owns and expects to see to its customers.
Time period that can pass before a customer's full payment is due.
Seller's description of a cash discount granted to buyers in return for early
payment.
Ownership of goods is transferred when the seller delivers goods to the carrier.
Purchaser's description of a cash discount received from a supplier of goods.
Difference between net sales and the cost of goods sold.
Time period in which a cash discount is available.
Ownership of goods is transferred when delivered to the buyer's place of business.
1

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1. Enter the letter for each term in the blank space beside the definition that it most closely matches. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchase discount I. Cash discount J. Trade discount 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer's payment is due. 3. Seller's description of a cash discount granted to buyers in return for early payment. 4. Reduction below list or catalog price that is negotiated in setting the price of goods. 5. Ownership of goods is transferred when the seller delivers goods to the carrier. 6. Purchaser's description of a cash discount received from a supplier of goods. 7. Reduction in a receivable or payable if it is paid within the discount period. 8. Difference between net sales and the cost of goods sold. 9. Time period in which a cash discount is available. 10. Ownership of goods is…
Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination Merchandise Inventory Gross Profit Purchases Discount