QS $5-1($Algo$)$ Applying merchandising terms LO C$1,$ P$1$

Match each phrase with its definition.

A type of business that earns income by buying and selling merchandise.

A method in which cost of goods sold is recorded only at the end of a period.

A method in which cost of goods sold is recorded at the time of each sale.

The expense of purchasing and preparing the merchandise sold during a period.

Seller's description of a cash discount granted to buyers in return for early payment.

The amount of time allowed by a seller before payment is due from the buyer.

Time period in which a cash discount is available.

Refers to credit terms where goods in transit are owned by the seller.