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ng are some of the terms discussed in the chapter Match concepts with descriptions 1. Gross profit 2. Perpetual inventory sys
5:22 Aa aA 15. Merchanaisenventory 16. Purchase discounts Instructions Match each term with the best description below. Each
5:22 Aa a A An account, such as Sales Discounts, that is deducted from a revenue account on the income statement с. _The retu
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Answer #1

a. Cost of goods sold

b. Subsidiary ledger

c. Contra Revenue Account

d. Purchase Returns

e. FOB destination

f. Periodic inventory system

g. Sales Discount

h. Gross Profit

i. Non Operating Activities

j. FOB shipping out

k. Perpetual inventory system

l. Merchandise inventory

m. Profit margin

n. Purchase Discount

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