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Match each phrase with its definition 1. Time period in which a cash discount is available 2. Refors to credit torms where goods in transit are owned by the seller 3. Refers to credit torms where goods in transit are owned by the buyer 4. Calculated an net sales minus cost of goods sold 5. A current asset that includes the cost to buy goods and make them ready for sale 6. Purchaser's description of a cash discount received from a supplier of goods 7. A type of business that earns income by buying and selling merchandise B. Inventory is updated for purchases and sales of inventory only at the end of a period