Matching Question 247 Match the items below by entering the appropriate code letter in the space provided Net sales Sales discount Credit terms Periodic inventory system Gross profit rate Contra revenue Freight-out Gross profit Sales invoice Purchase discount 1. A reduction given by the seller for prompt payment of a credit sale Provides support for a credit sale 3. Gross profit divided by net sales. 4. Sales less sales returns and allowances and sales discounts S. Specifies the amount of cash discount and time period during which it is offered 6. Net sales less cost of goods sold . Freight cost to deliver goods to customers reported as an operating expense Reies a physical count of goods on hand to compute cost of goods sold 9. A cash discount claimed by a buyer for prompt payment of a balance due 1. An account that is offset against a revenue account on the income statement Click if you would like to Show Work for this question: Open Show Work