in question 1: The following are some terms and We need to match each term with the best description below:Each term may be used more than once or may not be used at all.

in question 2:prepare journal entries to record the transactions For (purchase on account), ( to record cash payment of fridge), (record purchase return), (and two entries for payment on account) on different dates.

And post the transaction of merchandise inventory account. Compare the total in this account with the total of cash paid during March buy sunland for the purchase of inventory. :

Question 1 of 3 > - /1 Match each term with the best description below. Each term may be used more than once, or may not be used at all. (a) An expense account that shows the cost of merchandise sold (b) A group of accounts that share a common characteristic, such as all inventory accounts (c) An account, such as Sales Discounts, that is deducted from a revenue account on the income statement (d) The return of unsatisfactory purchased merchandise (e) Freight terms where the seller will pay for the cost of shipping the goods (1) An inventory system where a physical inventory count is required to determine inventory on hand and establish cost of goods sold (8) A reduction in price given to a customer for unsatisfactory inventory (h) Sales revenue less cost of goods sold C) Revenues, expenses, gains, and losses that are not part of the company's main operations (1) Freight terms where the buyer will pay for the cost of shipping the goods (k) An inventory system where the cost of goods sold is calculated and recorded with every sales transaction (1) An asset that shows the cost of goods purchased for resale (m) Profit divided by net sales (n) A price reduction given by a seller for early payment on a credit sale Cost of Goods Sold Contra Revenue Account Freight Out FOB Shipping Point FOB Destination Gross Profit Merchandise Inventory Non-operating Activities Perpetual Inventory System Profit Margin Purchase Returns Periodic Inventory System Purchase Discounts Subsidiary Ledger Sales Discounts Sales Allowance MacBook Air Question 2 of 3 -/1 E View Policies Current Attempt in Progress 3 Sunland Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. Sunland Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/30, FOB shipping 1 point 2 The correct company pays $140 for the shipping charges. Sunland returns $1.200 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Sunland a $1,200 credit on its account. Sunland Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/30, 21 FOB destination 22 The correct company pays $170 for freight charges. Sunland returns $300 of the merchandise purchased on March 21 because it was damaged. Octagon gives Sunland a $300 credit on its account 30 Sunland paid Octagon the amount owing for the merchandise purchased on March 1. 31 Sunland paid Octagon the amount owing for the merchandise purchased on March 21. 23 Prepare Sunland Stores journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit