Match each of the following terms with the definition. 1. Merchandise Inventory
ID: 2541447 • Letter: M
Question
Match each of the following terms with the definition. 1. Merchandise Inventory 2. Accounts Receivable 3. Expenses 4. Sales Allowance 5. Prepaid Accounts 6. Accounts Payable Promises of payment from customers to sellers. of assets or services used to earn revenue. Examples: employee time, use of supplies and advertising. Represents payments of future expenses. Promises to pay later which usually arise from purchases of merchandise. Consists of products that a company buys to sell to customers. Refers to a reduction in the selling price of merchandise sold to a customer for d defective merchandise that the customer is willing to purchase with a decrease in the selling price amaged orExplanation / Answer
Merchandse Inventory Consists of products that a company buys to sell to customers Account Receivables Promises of payment from customers to seller Expenses Cost of assets or services used to earn revenue. Examples: Employee time Sales Allowance Refers to a reduction in selling price of merchandise sold to a customer for damaged and defective merchandise that the customer is willing to purchase with a decrease in selling price. Prepaid accounts Represent Payment of future expense Accounts Payable Promises to pay later which usually arise from purchases of merchandise