129. Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term. 1. The description of the amounts and timing of...

1. The description of the amounts and timing of payments from a buyer to a seller.

Perpetual inventory system

2. Net sales less cost of goods sold.

Periodic inventory system

3. The amount of time allowed before full payment is due.

Discount period

4. An accounting method that continually updates accounting records for merchandise transactions.

Debit memorandum

5. A notification that the sender has debited the recipient's account kept by the sender.

Selling expenses

6. A cash discount granted to customers for paying within the discount period.

Credit memorandum

7. The expenses of promoting sales, by displaying and advertising merchandise, making sales, and delivering goods to customers.

Sales discount

8. An accounting method that updates the accounting records for merchandise transactions only at the end of a period.

Gross profit

9. The time period in which a cash discount is available and a reduced payment can be made by the buyer.

Credit terms

10. A notification that the sender has credited the recipient's account kept by the sender.

Credit period