Assessment Week 384 1. Write the accounting term best suits each statement. I. A business engaged in the buying and selling of merchandise or goods 2. Transactions related to the acquisition of inventory are recorded accordingly as purchases, purchase discounts, and purchase returns and allowances. 3. Under this method an acquisition of merchandise is debited to merchandise inventory. 4. A reduction in a certain price or amount. 5. A deduction from the list price or catalogue price granted to customers to encourage purchase of goods or merchandise in big quantities or volume. Il. Wong Co. bought merchandise from Kunat Co. Given the following information determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. In voice List Trade Date Purchases Payment Date Price Discount Paid P (P) Jan 12 P 240.500 5.10 Jan. 21 10-5 Jan 17 21 350.000 5-10-15 Jan31