part B is partially correct

Match each term with the best description below. Each term may be used more than once, or may not be used at all. (a) An expense account that shows the cost of merchandise sold (b) A group of accounts that share a common characteristic, such as all inventory accounts (c) An account, such as Sales Discounts, that is deducted from a revenue account on the income statement (d) The return of unsatisfactory purchased merchandise (e) Freight terms where the seller will pay for the cost of shipping the goods (1) An inventory system where a physical inventory count is required to determine inventory on hand and establish cost of goods sold (8) A reduction in price given to a customer for unsatisfactory inventory (h) Sales revenue less cost of goods sold (0) Revenues, expenses, gains, and losses that are not part of the company's main operations G) Freight terms where the buyer will pay for the cost of shipping the goods (k) An inventory system where the cost of goods sold is calculated and recorded with every sales transaction (1) An asset that shows the cost of goods purchased for resale (m) Profit divided by net sales (n) A price reduction given by a seller for early payment on a credit sale - Your answer is partially correct. Prepare the journal entries to record the following purchase transactions in Sheridan Company's books. Sheridan uses a perpetual inventory system. Mar. Sheridan purchased $20,000 of merchandise from Dalibor Company, terms 2/10,n/30, FOB 12 destination. 13 The correct company paid freight costs of $225. 14 Sheridan returned $3,100 of the merchandise purchased on March 12 because it was damaged. 21 Sheridan paid the balance owing to Dalibor. (Credit account titles are automatically indented when the amount is entered. Do not indent manually entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal e in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar 12 Merchandise Inventory 20000 Accounts Payable 20000 (To record purchase on account.) Mar. 13 Merchandise Inventory Accounts Payable Accounts Payable Merchandise Inventory (To record purchase return) Accounts Payable Mar. 21 Cash 16783 Merchandise Inventory 343 (To record payment on account.)