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> Exercises ated For all exercises, assume the perpetual inventory system is used unless st othervise. Round all numbers to the nearest whole dollar unless

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> Exercises ated For all exercises, assume the perpetual inventory system is used unless st othervise. Round all numbers to the nearest whole dollar unless stated otherwise. Learnir E5-18 Using accounting vocabulary Match the accounting terms with the corresponding definitions 1. Credit Terms 2. FO8 Destination 3. Invoice 4. Cost 5. Purchase Allowance 6. FOB Shipping 7. Wholesaler 8. Purchase Discount 9. Retailer a. The cost of the merchandise inventory that the business has sold to customers b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered. C.A type of merchandiser that buys merchandise either from a of Goods Sold manufacturer or a wholesaler and then sells those goods to consumers Point d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type of merchandiser that buys goods from manufacturers and then sells them to retailers. f. A discount that businesses offer to purchasers as an incentive for early payment. g. A situation in which the buyer takes title to the goods after the goods leave the seller's place of business. h. The terms of purchase or sale as stated on the invoice i. A seller's request for cash from the purchaser. E5B-29 Journalizing purchase transactions-periodic inventory systenm Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required Sep. 4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an appliance wholesaler. Terms were 1/10, n/45, FOB destination. Received a $400 allowance from MY Appliance for damaged but usable goods. Paid MY Appliance, less allowance and discount. 22 29

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