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

In your own words please. In your own words please. 1. Identify the differences between service

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 6. Explain the computation and importance of gross profit 7. Explain the recording of purchases and sales of inventory under a periodic inventory system

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