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  3. match the following separate account maintained fo

Match the following Separate account maintained for each different product A discount provided to encourage...

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Accounting

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Match the following Separate account maintained for each different product A discount provided to encourage early payment Freight cost to deliver goods to customers reported as an operating expense Freight terms which require the seller to pay the freight cost Deducted from net sales to calculate gross profit 1. Net sales 2. Freight out 3. Subsidiary account 4. Cost of goods purchased 5. Purchase discount Debits to Merchandise Inventory Requires a physical count of goods on hand to calculate cost of goods 6. Cost of goods sold 7. Periodic inventory system sold JUI 8. Perpetual inventory system A calculation of gross profit divided by net 9. FOB destination sales 10. Gross Profit Margin 11. FOB shipping point Freight terms which required the buyer to pay the freight cost The merchandise inventory account balance should equal ending inventory, at all times Sales less sales returns and allowances and sales discounts

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