Lesson 5 Discussion
Identify the differences between a service enterprise and a merchandising company.
Explain the recording of purchases and sales under a perpetual inventory system, and distinguish between a single-step and multiple-step income statement.
Merchandising companies purchase merchandise that is in a finished goods state, ready to sell to customers. How is revenue recorded by these companies, and what account title is used for the revenue account? Two inventory systems may be used. How do the perpetual and periodic inventory systems differ? Discuss these systems with your classmates.
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