$$\text { Match each of the following items } ( a - h ) \text { with the appropriate definition below. }$$

question 80

Short Answer

$$\text { Match each of the following items } ( a - h ) \text { with the appropriate definition below. }$$
-Account where returned merchandise or price adjustments are recorded by the buyer under the periodic inventory system.
a. $\quad$ Freight
b. $\quad$ Delivery Expense
c. $\quad$ Merchandise Inventory
d. $\quad$ Sales discount
e. $\quad$ Purchases Returns and Allowances
f. $\quad$ Debit memo
g. $\quad$ Purchase discount
h. $\quad$ Trade discount

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Definitions:

Liability

The legal responsibility of an individual for his or her actions.

Fur Coat

A coat made from the fur of animals, worn for warmth or as a fashion statement.

Bailment

The act of temporarily transferring physical possession of personal property by one party (the bailor) to another (the bailee) for a specific purpose.

Mutuum

A loan of goods with the intention that the goods may be used and later replaced with an equal amount of different goods.