Match the accounting terms with the corresponding definitions.

Definition

Term

a$.$ The cost of the merchandise inventory that the business has sold to customers.

b$.$ An amount granted to the purchaser as an incentive to keep goods that are not $"$as ordered".

c$.$ A type of merchandiser that buys merchadise either from a manufacturer or a wholesaler and then sells those goods to customers.

d$.$ A situation in which the buyer takes ownership $($title$)$ at the delivery destination point.

e$.$ A type of merchandiser that buys goods from manufacturers and then sells them to retailers.

f$.$ A discount that businesses offer to purchasers as an incentive for early payment.

g$.$ A situation in which the buyer takes title to the goods after the goods leave the seller's place of business.

h$.$ The terms of purchase or sale as stated on the invoice.

i$.$ A seller's request for cash from the purchaser.

Hajjar Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.

$($Click the icon to view the transactions$)$

Jun. $20$: Purchased inventory of $$5,400$ on account from Southboro Diamonds, a jewelry importer. Terms were $\frac{2}{15},\frac{n}{45},$ FOB shipping point.

Jun. $20$: Paid freight charges, $$200.$

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More info

Jun. $20$ Purchased inventory of $$5,400$ on account from Southboro Diamonds, a jewelry importer Terms were $\frac{2}{15},\frac{n}{45},$ FOB shipping point.

Jun. $20$ Paid freight charges, $$200.$

Jul. $4$ Returned $$700$ of inventory to Southboro

Jul. $14$ Paid Southboro Diamonds, less return.

Jul. $16$ Purchased inventory of $$4,400$ on account from Suarez Diamonds, a jewelry importer. Terms were $\frac{1}{10},$ n$/$EOM$,$ FOB destination.

Jul. $18$ Received a $$500$ allowance from Suarez Diamonds for damaged but usable goods

Jul. $24$ Paid Suarez Diamonds, less allowance and discount.

Jul. $4.$ Returned $$700$ of inventory to Southboro.

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