Merchandise Crossword

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Across
  1. 5. inventory system; COGS determined only at the end of an accounting period.
  2. 6. the book of original entry
  3. 7. profit - Sales Revenue minus COGS
  4. 11. activity that change the value of an asset, liability or equity
  5. 15. taken at or very near the end of the accounting period in a periodic inventory
  6. 17. salaries, utilities, permits and licenses
  7. 19. transfer of journal entries to ledgers
  8. 20. – used to offset the debit of a regular asset account
  9. 22. a merchandiser’s primary source of revenue
  10. 23. seller pays freight costs
  11. 24. a document issued by a buyer for unsatisfactory goods.
Down
  1. 1. FOB ________; freight in
  2. 2. debited if buyer pays freight
  3. 3. the book of final entry
  4. 4. inventory system frequently relies on bar coding and computer scanning
  5. 8. the exchange of goods or services for money or other assets
  6. 9. cost of goods sold
  7. 10. goods that are held for sale to customers
  8. 12. stock of goods
  9. 13. the process of buying and selling
  10. 14. sales minus COGS
  11. 16. proof of payment
  12. 18. the process of acquiring goods
  13. 21. FOB _______; freight out
  14. 23. free on board