Match each of the following terms with the appropriate definition below.

Account used to record merchandise purchased under a perpetual inventory system.

1.Freight In

2.Freight Out

3.Merchandise Inventory

4.Sales Discounts

5.Purchase Returns and Allowances

6.Sales Returns and Allowances

7.Purchases

8.Trade Discount

Account used to record shipping cost of merchandise by the buyer under a periodic inventory system.

Account where returned merchandise or price adjustments are recorded by the seller.

Early payment discount offered to customers by the seller.

Account used to record merchandise purchased under a periodic inventory system.

Account where returned merchandise or price adjustments are recorded by the buyer under the periodic inventory system.

Discounts off the list price offered by wholesalers.

Expense account for recording shipping costs paid by the seller.