ng are some of the terms discussed in the chapter Match concepts with descriptions 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic inventory system 8. Subsidiary ledger 9. Sales discounts 10. FOB destination 11. Sales allowance 12. Non-operating activities 13. Profit margin 14. Contra revenue account 15. Merchandise inventory 16. Purchase discounts Instructions Match each term with the best description below. Beah tomm ma. haunnd maun. skn. 5-54 Reader Contents Notebook Bookmarks More !! 5:22 Aa aA 15. Merchanaisenventory 16. Purchase discounts Instructions Match each term with the best description below. Each term may be used more than once, or may not be used at all An expense account that shows . the cost of merchandise sold A group of accounts that share a common characteristic, such as all inventory b. accounts An account, such as Sales Discounts, that is deducted from a revenue account on the income statement . _The return of unsatisfactory d. purchased merchandise Freight terms where the seller will pay for the cost of shipping the goods f. _An inventory system where a physical inventory count is required to determine inventory on hand and establish cost of goods sold A reduction in price given to a customer for unsatisfactory inventory _Sales revenue less cost of goods h. sold i. losses that are not part of the company's main operations Revenues, expenses, gains, and 5-54 Reader Contents Notebook Bookmarks More 5:22 Aa a A An account, such as Sales Discounts, that is deducted from a revenue account on the income statement . _The return of unsatisfactory d. purchased merchandise _Freight terms where the seller will pay for the cost of shipping the goods . f. An inventory system where a physical inventory count is required to determine inventory on hand and establish cost of goods sold _A reduction in price given to a customer for unsatisfactory inventory h. _Sales revenue less cost of goods sold i. losses that are not part of the company's main operations Revenues, expenses, gains, and j. will pay for the cost of shipping the goods Freight terms where the buyer k. cost of goods sold is calculated and recorded with every sales transaction _An inventory system where the _An asset that shows the cost of goods purchased for resale _Profit divided by net sales m. _A price reduction given by a seller n. for early payment on a credit sale Es.2 (LO 2) AP Stellar Stores is a new companv 5-55 Reader Contents Notebook Bookmarks More