301 2,85b were placed in the bank\'s night depository after banking hours and we

Question

301 2,85b were placed in the bank's night depository after banking hours and were not recorded on the September 30 bank statement. QUESTION 2 (20 POINTS) Enter the letter for each term in the blank space beside the definition that most closely matches. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchase discount I. Cash discount J. Trade discount Ownership of goods is transferred when the delivery to the buyer's place of business Goods a company owns and expects to sell to its customers. Time period in which a cash discount is available. Time period that can pass before a customer's payment is due. Difference between net sales and the cost of goods sold. Seller's description of a cash discount granted to buyers in return for early payment. Reduction in a receivable if it's paid within the discount period. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Reduction below list or catalog price that is negotiated in setting the price of goods. 1. _ . -- 4. 6. 8. 10.

Explanation / Answer

D. FOB destination 1. Ownership of goods is transferred when the delivery to the buyer's place of business. G. Merchandise inventory 2. Goods a company owns and expects to sell to its customers. C. Discount period 3. Time period in which a cash discount is available. B. Credit period 4. Time period that can pass before a customer's payment is due. F. Gross profit 5. Difference between net sales and the cost of goods sold. I. Cash discount 6. Seller's description of a cash discount granted to buyers in return for early payment. A. Sales discount 7. Reduction in a receivable if it's paid within the discount period. E. FOB shipping point 8. Ownership of goods is transferred when the seller delivers goods to the carrier. H. Purchase discount 9. Purchaser's description of a cash discount received from a supplier of goods. J. Trade discount 10. Reduction below list or catalog price that is negotiated in setting the price of goods.

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