ces Match each phrase with its definition. 1. Refers to credit terms where goods in transit are owned by the seller. 2. Refers to credit terms where goods in transit are owned by the buyer. 3. Calculated as net sales minus cost of goods sold. 4. A current asset that includes the cost to buy goods and make them ready for sale. 5. Purchaser's description of a cash discount received from a supplier of goods 6. A type of business that eams income by buying and selling merchandise. 7. Inventory is updated for purchases and sales of inventory only at the end of a period 8. Inventory is updated for each purchase and each sale of inventory