Question 1 of 6 - 75 Current Attempt in Progress The following are some of the terms discussed in the chapter: 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 Cost of Goods Sold Contra Revenue Account (c) An account, such as Sales Discounts, that is deducted from a revenue account on the income statement Freight Out (d) The return of unsatisfactory purchased merchandise FOB Shipping Point FOB Destination (e) Freight terms where the seller will pay for the cost of shipping the goods Gross Profit (f) An inventory system where a physical inventory count is required to determine inventory on hand and establish cost of goods sold Merchandise Inventory Non-operating Activities (g) A reduction in price given to a customer for unsatisfactory inventory Perpetual Inventory System (h) Sales revenue less cost of goods sold Profit Margin (i) Revenues, expenses, gains, and losses that are not part of the company's main operations Purchase Returns Periodic Inventory System (i) Freight terms where the buyer will pay for the cost of shipping the goods Purchase Discounts An inventory custom where the cost of goodsold is calculated and recorded with every Question 1 of 6 > - /5 (e) 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 COST OF GOOUS Sola (g) A reduction in price given to a customer for unsatisfactory inventory Contra Revenue Account Freight Out (h) Sales revenue less cost of goods sold FOB Shipping Point (i) Revenues, expenses, gains, and losses that are not part of the company's main operations FOB Destination (j) Freight terms where the buyer will pay for the cost of shipping the goods Gross Profit Merchandise Inventory (k) An inventory system where the cost of goods sold is calculated and recorded with every sales transaction Non-operating Activities (1) An asset that shows the cost of goods purchased for resale Perpetual Inventory System (m) Profit divided by net sales Profit Margin Purchase Returns (n) A price reduction given by a seller for early payment on a credit sale Periodic Inventory System Purchase Discounts e Textbook and Media Subsidiary Ledger Sales Discounts Save for Later Attempts: Sales Allowance