Choose the best definition for each item.

A cash (also called sales) discount

Answer 1 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

The gross profit percentage

Answer 2 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

A perpetual inventory system

Answer 3 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

Net sales

Answer 4 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

When a sale of merchandise is made

Answer 5 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

The operating cycle of a merchadiser

Answer 6 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing

Goods purchased FOB shipping point

Answer 7 Choose... can reduce the price of items purchased is updated with each transaction requires the buyer to pay shipping costs is complete when cash is received for goods sold. is equal to Sales Revenue - Sales Returns and Allowances - Sales Discounts Cost of goods sold is debited and inventory is credited helps a seller analyze its pricing