Discussion Post I
Write: 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.
i. How are periodic and perpetual inventory systems different?
ii. Explain the differences between a service company and a merchandising company's income statement.
iii. Prepare the journal entries showing (a) the sale of merchandise on credit, including credit terms, (b) the receipt of a partial return of the sale from the customer, and (c) the payment by the customer within the discount period.
Discussion Post II
Write: 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.
i. Explain the four merchandise inventory methods.
ii. 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.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.