Financial & Managerial Accounting - Chapter 4

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Complete the following statement. Merchandise inventory that is still available for sale is considered a(n) ________ (asset/expense/revenue) and is reported on the ____________ (balance sheet/income statement) and merchandise that is sold during the period is considered a(n) _______ (asset/expense/liability) and reported on the ____________ (balance sheet/income statement).

asset balance sheet expense income statement

A (__________) discount benefits a seller through earlier cash receipts and reduced collection efforts.

cash

To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract other (__________)

expenses

A __________ (periodic/perpetual) inventory system can be described as an inventory system that updates the inventory account only at the end of the __________ (purchase/period).

periodic period

An invoice is referred to as a (__________) invoice for a buyer and as a (__________) invoice for the seller.

purchase sales

Sales is a(n) __________ (expense/revenue/asset) account and is reported on the __________ (income/balance) __________ (statement/sheet).

revenue income statement

Gross profit is computed as net (__________) minus cost of goods sold.

sales

Cost of goods sold is characterized by which of the following statements? (Check all that apply.) A) Cost of goods sold is an expense reported on the income statement. B) Cost of goods sold is an asset reported on the balance sheet. C) Cost of goods sold is the money received from selling merchandise. D) Cost of goods sold is also called cost of sales. E) Cost of goods sold is used to figure gross profit. F) Cost of goods sold includes the expenses of buying and preparing an item for sale.

A) Cost of goods sold is an expense reported on the income statement. D) Cost of goods sold is also called cost of sales. E) Cost of goods sold is used to figure gross profit. F) Cost of goods sold includes the expenses of buying and preparing an item for sale.

Which of the statements below are correct regarding cost of goods sold? A) Cost of goods sold is the expense of buying and preparing merchandise. B) Cost of goods sold can be determined by subtracting the cost of a merchandise sold from its sales price. C) Cost of goods sold is the price received from selling a product. D) Cost of goods sold is an asset account reported on the balance sheet.

A) Cost of goods sold is the expense of buying and preparing merchandise.

Which of the following costs are included in merchandise inventory? (Check all that apply.) A) Costs necessary to ready the merchandise for sale B) Purchase costs C) Advertising costs D) Trade discounts given to customers E) Shipping fees charged by the vendor F) Taxes assessed on the merchandise

A) Costs necessary to ready the merchandise for sale B) Purchase costs E) Shipping fees charged by the vendor F) Taxes assessed on the merchandise

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below. (Check all that apply.) A) Credit Accounts Receivable $700. B) Debit Accounts Receivable $700. C) Debit Sales Discounts $14. D) Debit Cash $700. E) Credit Sales Discounts $14. F) Debit Cash $686.

A) Credit Accounts Receivable $700. C) Debit Sales Discounts $14. F) Debit Cash $686.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $500. B) Credit Sales $1,400. C) Debit Sales $1,400. D) Credit Cost of Goods Sold $500. E) Debit Merchandise Inventory $500. F) Debit Accounts Receivable $1,400. G) Credit Accounts Receivable $1,400. H) Debit Cost of Goods Sold $500.

A) Credit Merchandise Inventory $500. B) Credit Sales $1,400. F) Debit Accounts Receivable $1,400. H) Debit Cost of Goods Sold $500.

X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $500. B) Debit Cost of Goods Sold $500. C) Credit Cost of Goods Sold $500. D) Debit Merchandise Inventory $500.

A) Credit Merchandise Inventory $500. B) Debit Cost of Goods Sold $500.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $500. B) Debit Cost of Goods Sold $500. C) Credit Sales $1,400. D) Debit Merchandise Inventory $500. E) Debit Sales $1,400. F) Credit Cost of Goods Sold $500. G) Debit Cash $1,400. H) Credit Accounts Receivable $1,400.

A) Credit Merchandise Inventory $500. B) Debit Cost of Goods Sold $500. C) Credit Sales $1,400. G) Debit Cash $1,400.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $500. B) Credit Cost of Goods Sold $500. C) Debit Cost of Goods Sold $500. D) Debit Merchandise Inventory $500.

A) Credit Merchandise Inventory $500. C) Debit Cost of Goods Sold $500.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $500. B) Credit Cost of Goods Sold $500. C) Debit Merchandise Inventory $500. D) Debit Cost of Goods Sold $500.

A) Credit Merchandise Inventory $500. D) Debit Cost of Goods Sold $500.

A journal entry for a sale of merchandise on account will result in all of the following: A) Credit to Sales B) Credit to Merchandise Inventory C) Debit to Cost of Goods Sold D) Debit to Accounts Receivable E) Credit to Cost of Goods Sold F) Debit to Sales

A) Credit to Sales B) Credit to Merchandise Inventory C) Debit to Cost of Goods Sold D) Debit to Accounts Receivable

On Dec. 7, Toys R Fun purchased $1,000 of merchandise with terms of 2/10,n/30. If payment is made on December 30, demonstrate the required journal entry for Toys R Fun to record the payment under the perpetual inventory system. A) Debit Accounts Payable $1,000; credit Cash $1,000. B) Debit Cash $1,000; Credit Accounts Payable $1,000. C) Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20.

A) Debit Accounts Payable $1,000; credit Cash $1,000.

ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. ABC Mart uses a perpetual inventory system. Assuming it paid the bill immediately, demonstrate the journal entry required to record the freight charges. A) Debit Merchandise Inventory $20; credit Cash $20. B) Debit Transportation In $20; credit Cash $20. C) Debit Freight In $20; credit Merchandise Inventory $20 D) Debit Freight In $20; credit Cash $20.

A) Debit Merchandise Inventory $20; credit Cash $20.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used. A) Debit Merchandise Inventory $300; credit Accounts Payable $300. B) Debit Merchandise Inventory $300; credit Sales $300. C) Credit Merchandise Inventory $300; debit Accounts Payable $300. D) Debit Purchases $300; credit Accounts Payable $300.

A) Debit Merchandise Inventory $300; credit Accounts Payable $300.

Determine which statements below are correct regarding merchandise available for sale during a period.(Check all that apply.) A) Ending inventory + Cost of goods sold = Merchandise available for sale B) Beginning inventory + Ending inventory = Merchandise available for sale C) Beginning inventory + Net purchases = Merchandise available for sale D) Cost of goods sold + Beginning inventory = Merchandise available for sale

A) Ending inventory + Cost of goods sold = Merchandise available for sale C) Beginning inventory + Net purchases = Merchandise available for sale

Review the statements below and select the one that accurately describes a perpetual inventory system. A) It is an inventory system that continually updates accounting records for merchandise transactions. B) It is an inventory system that maintains a continuous level of inventory on the shelves of a merchandiser. C) It is an inventory system that updates the accounting records for merchandise transactions only at the end of a period. D) It is an inventory system that automatically orders inventory from suppliers when it reaches a certain level.

A) It is an inventory system that continually updates accounting records for merchandise transactions.

Identify the items or sub-headings below that would appear on a multiple-step income statement. (Check all that apply.) A) Net sales B) Cost of goods sold C) Income from operations D) Total assets E) General and administrative expenses F) Gross profit G) Selling expenses

A) Net sales B) Cost of goods sold C) Income from operations E) General and administrative expenses F) Gross profit G) Selling expenses

Which of the statements below summarizes what the acid-test ratio measures? A) The acid-test ratio measures a merchandiser's ability to pay its current liabilities. B) The acid-test ratio measures the efficiency of capital spending. C) The acid-test ratio measures the profitability of a company. D) The acid-test ratio measures the marketability of a company's merchandise.

A) The acid-test ratio measures a merchandiser's ability to pay its current liabilities.

Explain what the credit terms of 2/10,n/30 mean. (Check all that apply.) A) The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. B) The full payment is due within 10 days. C) The full payment is due within a 30-day credit period. D) The buyer can take a discount of 10% if the invoice is paid with 30 days of the invoice date.

A) The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. C) The full payment is due within a 30-day credit period.

Review the following statements and select the one that best describes a discount period. A) The discount period is the time period in which a discount may be taken by the buyer. B) The discount period is the time between a sale and when payment is due from the buyer. C) The discount period is another name for the credit terms of a sale.

A) The discount period is the time period in which a discount may be taken by the buyer.

Review the statements below and select the one that explains the purpose of a sales discount. A) They decrease the time that the seller has to wait for payment. B) They increase the amount of money collected by the seller. C) They increase the time that the customer has to make payment. D) They increase the credit period allowed to customers.

A) They decrease the time that the seller has to wait for payment.

Merchandise inventory can be described as: (Check all that apply.) A) an account appearing on a balance sheet of a merchandiser. B) an expense account. C) an asset account. D) an account appearing on a balance sheet of a service company. E) an account increased with a debit. F) products that a company owns and intends to sell.

A) an account appearing on a balance sheet of a merchandiser. C) an asset account. E) an account increased with a debit. F) products that a company owns and intends to sell.

The Merchandise Inventory account on a classified balance sheet is reported in the: A) current assets section B) long-term investments section C) plant assets section D) intangible assets section

A) current assets section

Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of the merchandise is $400. The required journal entry to record the sale and cost of the sale is: A) debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400 B) debit Accounts Receivable $1,000 and credit Sales 1,000 C) debit Accounts Receivable $600; credit Sales $600; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400 D) debit Accounts Payable $1,000; and credit Sales $1,000

A) debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400

Sales is a(n) ______ account. A) revenue B) liability C) asset D) expense

A) revenue

Calculate the total cost of merchandise purchased using the information in the following table: Invoice cost of merchandise purchases $40,000 Purchase discounts received $ 3,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 100 A) $37,600 B) $37,400 C) $40,000 D) $36,500

B) $37,400

Review the following credit terms and identify the one that states that the buyer will receive a 3% discount if the payment is made within 15 days. Otherwise, full payment is expected within 45 days of the invoice date. A) 3/45, n/15 B) 3/15,n/45 C) 3/15,eom/45 D) 3/10,n/45

B) 3/15,n/45

What is a sales return? A) A sales return is designed to shorten the payment period between the buyer and the seller. B) A sales return refers to merchandise that customers return to the seller after a sale. C) A sales return is the cash discount given for early payment of an invoice. D) A sales return refers to merchandise a seller acquires, but then returns to the buyer.

B) A sales return refers to merchandise that customers return to the seller after a sale.

LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on December 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply.) A) Credit Merchandise Inventory $20. B) Credit Cash $1,000. C) Credit Accounts Payable $1,000. D) Credit Cash $980. E) Debit Accounts Payable $1,000.

B) Credit Cash $1,000. E) Debit Accounts Payable $1,000.

Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned $50 of merchandise due to a defect. Assuming that the purchase was originally bought on credit, demonstrate the required journal entry to record the return by selecting all of the correct actions below. (Check all that apply.) A) Debit Cash $50. B) Credit Merchandise Inventory $50. C) Credit Purchase Returns $50. D) Debit Accounts Payable $50. E) Debit Merchandise Inventory $50. F) Credit Accounts Payable $50.

B) Credit Merchandise Inventory $50. D) Debit Accounts Payable $50.

X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) A) Debit Merchandise Inventory $500. B) Credit Sales $7,000. C) Credit Cash $7,000. D) Credit Merchandise Inventory $500. E) Debit Sales $7,000. F) Credit Cost of Goods Sold $500. G) Debit Cost of Goods Sold $500. H) Debit Cash $7,000.

B) Credit Sales $7,000. D) Credit Merchandise Inventory $500. G) Debit Cost of Goods Sold $500. H) Debit Cash $7,000.

On Dec. 20, X-Mart received a $100 allowance because the merchandise it purchased on account, earlier in the month, was of poor quality. Demonstrate the required journal entry on X-Mart's books for the allowance assuming the perpetual inventory method. A) Debit Accounts Payable $100; credit Purchase Returns $100. B) Debit Accounts Payable $100; credit Merchandise Inventory $100. C) Debit Accounts Payable $100; credit Cash $100. D) Debit Merchandise Inventory $100; credit Accounts Payable $100.

B) Debit Accounts Payable $100; credit Merchandise Inventory $100.

On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. How will Jo's Market record the customer's payment on June 8? A) Credit Accounts Receivable $1,000; debit Cash $980; and credit Merchandise Inventory $20 B) Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000 C) Debit Cash $1,000 and credit Accounts Receivable $1,000 D) Debit Accounts Receivable $1,000; credit Merchandise Inventory $20; and credit Cash $980

B) Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used. A) Debit Merchandise Inventory $300; credit Sales $300. B) Debit Merchandise Inventory $300; credit Cash $300. C) Credit Merchandise Inventory $300; debit Cash $300. D) Debit Purchases $300; credit Cash $300.

B) Debit Merchandise Inventory $300; credit Cash $300.

Which of the following are the three main parts of a multiple-step income statement? (Check all that apply.) A) Total sales B) Gross profit C) Income from operations D) Net income

B) Gross profit C) Income from operations D) Net income

Which of the statements below summarize why a buyer would desire a purchase allowance? (Check all that apply.) A) The buyer purchased a large amount of merchandise and was eligible for a reduced purchase price. B) In order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price. C) The seller could not pay within the discount period. D) Purchased merchandise was defective or unacceptable.

B) In order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price. D) Purchased merchandise was defective or unacceptable.

On May 14, X-Mart purchased $500 of merchandise with terms of 3/15,n/40. If payment is made on May 28, calculate the purchase discount that may be taken by X-Mart. A) $75 B) $70 C) $15 D) $20

C) $15

On June 5, X-Mart purchased $400 of merchandise with terms of 2/10,n/30. If payment is made on June 11, calculate the purchase discount that may be taken by X-Mart. A) $40 B) $0 C) $8 D) $12

C) $8

What is a purchase return? A) A purchase return refers to merchandise a seller acquires, but then returns to the buyer. B) A purchase return is the cash discount given for early payment of an invoice. C) A purchase return refers to merchandise a buyer acquires, but then returns to the seller. D) A purchase return is designed to shorten the payment period between the buyer and the seller.

C) A purchase return refers to merchandise a buyer acquires, but then returns to the seller.

Identify the statements below which summarize what cash discounts are. (Check all that apply.) A) A seller views a cash discount as a purchase discount. B) A reduced payment applies to the credit period. C) A reduced payment applies to the discount period. D) Cash discounts are described in credit terms. E) Sellers can grant a cash discount to encourage buyers to pay earlier. F) A buyer views a cash discount as a purchase discount. G) A seller views a cash discount as a sales discount.

C) A reduced payment applies to the discount period. D) Cash discounts are described in credit terms. E) Sellers can grant a cash discount to encourage buyers to pay earlier. F) A buyer views a cash discount as a purchase discount. G) A seller views a cash discount as a sales discount.

Describe good cash management practices involving inventory purchases. (Check all that apply.) A) Inventory should be purchased with cash whenever possible. B) Invoices should be paid on the first day of the discount period. C) Buyers should take advantage of early payment discounts. D) Invoices should be paid on the last day of the discount period.

C) Buyers should take advantage of early payment discounts. D) Invoices should be paid on the last day of the discount period.

Explain how to determine gross profit on an income statement by selecting the correct statement below. A) Cost of goods sold is added to net sales. B) Sales is subtracted from cost of goods sold. C) Cost of goods sold is subtracted from net sales. D) Cost of goods sold is added to sales discounts.

C) Cost of goods sold is subtracted from net sales.

On Dec. 7, Toys R Fun purchased $1,000 of merchandise with terms of 2/10,n/30. If payment is made on December 16, demonstrate the required journal entry for Toys R Fun to record the payment under the perpetual inventory system. A) Debit Accounts Payable $1,000; credit Cash $1,000. B) Debit Merchandise Inventory $20; debit Cash $980; credit Accounts Payable $1,000. C) Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20. D) Debit Accounts Payable $1,000; credit Cash $1,000; credit Purchase Discounts $20.

C) Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20.

If the seller is responsible for the shipping costs of merchandise sold, the shipping terms will be specified as: A) FOB start B) FOB shipping point C) FOB destination D) FOB factory

C) FOB destination

Identify the financial statements of a merchandiser. (Check all that apply.) A) Statement of merchandise inventory B) Merchandise profit statement C) Income statement D) Balance sheet E) Statement of retained earnings

C) Income statement D) Balance sheet E) Statement of retained earnings

Which statement below correctly explains what merchandise inventory is? A) Merchandise inventory is increased when products are sold to customers. B) Merchandise inventory is subtracted from net sales on the income statement to determine gross profit for the period. C) Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale. D) Merchandise inventory is an expense account reported on the income statement and contains the cost of products purchased for sale.

C) Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale.

Which are the two classifications of operating expenses on a multiple-step income statement? A) Operating; non-operating B) Selling; costs of goods sold C) Selling; general and administrative D) Selling; managerial

C) Selling; general and administrative

A purchase allowance can be described as: A) a discount given by the seller of merchandise for early payment B) the reduction in the sales price of an item because of the quantity purchased C) a reduction in the cost of defective or unacceptable merchandise that a buyer acquires D) the implied interest paid when not taking advantage of a purchase discount

C) a reduction in the cost of defective or unacceptable merchandise that a buyer acquires

Jerry's Flowers sold and shipped merchandise across the country to a buyer. The terms were FOB destination. Assuming it paid the bill immediately, demonstrate the journal entry required by Jerry's Flowers under the perpetual inventory system to record the freight charges. A) Debit Merchandise Inventory; credit Freight-Out. B) Debit Merchandise Inventory; credit Cash. C) Debit Sales; credit Cash. D) Debit Delivery Expense; credit Cash.

D) Debit Delivery Expense; credit Cash.

How do you compute net income for a merchandiser. A) Cost of goods sold - other expenses. B) Revenues - expenses. C) Net sales - cost of goods sold. D) Net sales - cost of goods sold - other expenses.

D) Net sales - cost of goods sold - other expenses.

Credit terms of 1/10, net 30 means. A) The buyer will receive a 90% discount if they pay within 1 day. B) The buyer will receive a 10% discount if they pay within 10 days of the date of the invoice. C) The buyer will receive a 10% discount if they pay within 30 days. D) The buyer will receive a 1% discount if they pay within 10 days of the date of the invoice.

D) The buyer will receive a 1% discount if they pay within 10 days of the date of the invoice.

Credit terms of n/15 EOM were printed on an invoice. Explain what this means. A) The discount period lasts only 15 days from the invoice date. B) The buyer will receive a 15% discount if the invoice is paid by the 15 of the month. C) The credit period ends on the 15th of the month. D) The credit terms stand for net 15 days after end of month.

D) The credit terms stand for net 15 days after end of month.

Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30. They returned $200 of the goods due to defect the next day. If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would: A) debit Accounts Payable $800 and credit Cash $800 B) debit Accounts Payable $800; credit Cash $780; and credit Merchandise Inventory $20 C) debit Accounts Payable $1,000; credit Cash 980; and credit Purchase Discounts $20 D) debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784

D) debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below. (Check all that apply.) A) Credit Accounts Payable $350. B) Credit Cash $392. C) Debit Merchandise Inventory $7. D) Credit Purchase Discounts $7. E) Credit Cash $343. F) Debit Accounts Payable $350. G) Credit Merchandise Inventory $7.

E) Credit Cash $343. F) Debit Accounts Payable $350. G) Credit Merchandise Inventory $7.

Toys R Fun purchased $4,000 of merchandise and paid immediately. To record this transaction, Toys R Fun's accountant would debit the __________ (Merchandise Inventory/Accounts Payable/Cash) account and credit the __________ (Cash/Merchandise Inventory/Accounts Payable) account.

Merchandise Inventory Cash

The discount period is the time __________ (before/between) the invoice date and a specified date on which the payment amount owed can be __________ (increased/reduced) because of early payment.

between reduced

A purchase return refers to merchandise a __________ (buyer/seller/creditor) purchased, but then returns to the __________ (buyer/seller/creditor) for a refund of the purchase price or reduction in the amount owed.

buyer seller

Explain what a debit memorandum is by completing the following sentence. When a buyer returns or takes an allowance on merchandise, the __________ (buyer/creditor/seller) issues a debit memorandum to inform the __________ (buyer/creditor/seller) of a debit made to the seller's account in the buyer's records.

buyer seller

A cash discount can be summarized as a discount given to __________ (buyers/creditors/sellers) to encourage them to pay __________ (earlier/later/less/more).

buyers earlier


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