Question: In your own words. 1) Identify the differences between service and merchandising companies 2) Explain the recording of purchases under a perpetual inventory system 3)

In your own words.

1) Identify the differences between service and merchandising companies

2) Explain the recording of purchases under a perpetual inventory system

3) Explain the recording of sales revenues under a perpetual inventory system

4) Explain the steps in the accounting cycle for a merchandising company

5) Distinguish between a multi-step and a single-step income statement

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