FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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EA3. LO 6.1 Match each of the following terms with the best corresponding definition.
A. Sales allowance
i. A customer returns merchandise for a full refund
B. Purchase return
ii. A retailer receives a partial refund but keeps the defective merchandise
C. Sales discount
iii. A customer receives a partial refund but keeps the defective merchandise
D. Purchase discount
iv. A customer pays their account in full within the discount window
E. Sales return
v. A type of purchase discount negotiated between a manufacturer and a retailer before
settlement on a final price
F. Trade discount
vi. A retailer returns merchandise for a full refund
G. Purchase allowance
vii. A retailer pays their account in full within the discount window
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Transcribed Image Text:EA3. LO 6.1 Match each of the following terms with the best corresponding definition. A. Sales allowance i. A customer returns merchandise for a full refund B. Purchase return ii. A retailer receives a partial refund but keeps the defective merchandise C. Sales discount iii. A customer receives a partial refund but keeps the defective merchandise D. Purchase discount iv. A customer pays their account in full within the discount window E. Sales return v. A type of purchase discount negotiated between a manufacturer and a retailer before settlement on a final price F. Trade discount vi. A retailer returns merchandise for a full refund G. Purchase allowance vii. A retailer pays their account in full within the discount window
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