Match the following terms with the appropriate definition. #16. Credit terms #17. Gross profit #18. Credit period 1. The description of the amounts and timing of payments from a buyer to a seller 2. The amount of time allowed before full payment is due 3. A cash discount granted to customers for paying within the discount period 4. An accounting method that updates the accounting records for merchandise transactions only at the end of a period 5. An accounting method that continually updates accounting records for merchandise transactions 6. The expenses of promoting sales, by displaying and advertising merchandise, making sales and delivering goods to customers #19. Perpetual inventory system #20. Debit memorandum #21. Sales discount #22. Selling expenses #23. Periodic inventory system 7. Net sales less cost of goods sold 8. A notification that the sender has credited the recipient's account kept by the sender 9. The time period in which a cash discount is available and a reduced payment can be made by the buyer 10. A notification that the sender has debited the recipient's account kept by the sender #24. Discount period #25. Credit memorandum