How are periodic and perpetual inventory systems different
1st Discussion Post:
Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
1. How are periodic and perpetual inventory systems different?
2. Explain the differences between a service company and a merchandising company’s income statement.
3. Prepare the journal entries showing (1) the sale of merchandise on credit, including credit terms, (2) the receipt of a partial return of the sale from the customer, and (3) the payment by the customer within the discount period.
On step #3 please include transaction examples.
2nd Discussion Post:
Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
Explain the four merchandise inventory methods.
Prepare 4 charts using the four different inventory methods using the following transactions:
Purchase 25 items at $10.00
Sell 10 items at $20.00
Purchase 15 items at $15.00
Sell 20 items at $20.00
Use the chart format as illustrated on page 327, Exhibit 6-3
I have included the page with the chart format below as well as the reference/source
https://plus.pearson.com/courses/ea2cc30c8d624f5f92350b9ae4a4f29a_canvas_bridge/products/113673/pages/327?locale=&platformId=1030&isTpi=Y&lms=Y
Miller-Nobles, T. L., Mattison, B. L., & Matsumura, E. M. (2018). Horngren’s accounting (12th ed.). Pearson.
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