Question: How are periodic and perpetual inventory systems different? Explain the differences between a service company and a merchandising companys income statement. Prepare the journal entries

  • How are periodic and perpetual inventory systems different?
  • Explain the differences between a service company and a merchandising companys income statement.
  • 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.

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