Match each phrase with its definition. 1. Purchaser's description of a cash discount received from a supplier of goods. 2. A type of business that earns income by buying and selling merchandise. 3. A method in which cost of goods sold is recorded only at the end of a period. 4. A method in which cost of goods sold is recorded at the time of each sale. 5. The expense of purchasing and preparing the merchandise sold during a period. 6. Seller's description of a cash discount granted to buyers in return for early payment. 7. The amount of time allowed by a seller before payment is due from the buyer. 8. Time period in which a cash discount is available. Cost of goods sold Credit period Discount period Merchandiser