Solved

Match Each of the Following Definitions with Its Term

Question 218

Matching

Match each of the following definitions with its term.

Premises:
Account used to record merchandise purchased under a periodic inventory system.
Account used to record shipping cost of merchandise by the buyer under a periodic inventory system.
Expense account for recording shipping costs paid by the seller.
Account where returned merchandise or price adjustments are recorded by the seller.
Early payment discount offered to customers by the seller.
Discounts off the list price offered by wholesalers.
Account used to record merchandise purchased under a perpetual inventory system.
Account where returned merchandise or price adjustments are recorded by the buyer under the periodic inventory system.
Responses:
Purchases
Merchandise Inventory
Sales Discounts
Delivery Expense
Trade Discount
Purchase Returns and Allowances
Freight In
Sales Returns and Allowances

Correct Answer:

Account used to record merchandise purchased under a periodic inventory system.
Account used to record shipping cost of merchandise by the buyer under a periodic inventory system.
Expense account for recording shipping costs paid by the seller.
Account where returned merchandise or price adjustments are recorded by the seller.
Early payment discount offered to customers by the seller.
Discounts off the list price offered by wholesalers.
Account used to record merchandise purchased under a perpetual inventory system.
Account where returned merchandise or price adjustments are recorded by the buyer under the periodic inventory system.
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