Matching

Match the items below by entering the appropriate code letter in the space provided.

A$.$ Net Sales F$.$ FOB shipping point

B$.$ Sales discounts G$.$ Freight$-$out

C$.$ Purchase invoice H$.$ Gross profit

D$.$ Periodic inventory system I. Selling expenses

E$.$ FOB destination J$.$ Income from operations

$\_\_\_\_1.$ An incentive to encourage customers to pay their accounts early.

$\_\_\_\_2.$ Expenses associated with making sales.

$\_\_\_\_3.$ Freight terms that require the seller to pay the freight cost.

$\_\_\_\_4.$ Sales less sales returns and allowances and sales discounts.

$\_\_\_\_5.$ A document that supports each credit purchase.

$\_\_\_\_6.$ Net sales less cost of goods sold.

$\_\_\_\_7.$ Freight cost to deliver goods to customers reported as a selling expense.

$\_\_\_\_8.$ Requires a physical count of goods on hand to compute cost of goods sold.

$\_\_\_\_9.$ Gross profit less total operating expenses.

$\_\_\_\_10.$ Freight terms that require the buyer to pay the freight cost.