not 100% sure on 3, 5, and 6.

Chapter 5 Read to Know YOU MUST MEMORIZE THIS WORKSHEET FOR THE IN-CLASS ACTIVITY (INCLUDING PROPER SPELLING) 1. Merchandising companies that purchase and sell directly to consumers are called Merchandising companies that sell to retailers are known as What type of account is Sales (asset, liability, owner's capital, owner's drawings, revenue, or expense)? 2. wholesalers . 3. 4. What type of account is Cost of Goods Sold (asset, liability, owner's capital, owner's drawings, revenue, or expense)?-de-sege-expense If a company uses a perpetual inventory system, how often do they determine cost of goods sold? Conhnous pach time a sale 0ccurs 6. Under a periodic inventory system, how often is cost of goods determined? the end ot He accounting penod 7. Who pays for shipping (buyer or seller) when freight terms are FOB Destination? pays the freight. 8. FOB Shipping point means that the bue 9. A purchase retun occurs when the buver returns the goods to the seller for a cash or credit refund 10. A cash discount claimed by a buyer for prompt payment of a balance due is a specify the amount of cash discount, time period in which it is offered, and the time period in which the full invoice price is to be paid 12. A Sales cehusa sad allawas eccurs when a seller accepts goods back from a buye 13. What is it called when the seller offers a customer a cash discount for prompt payment of a balance due? 5ales discount