Need 4-5 sentences on what they did, good, bad, or other re

Need 4-5 sentences on what they did, good, bad, or other relevant… Need 4-5 sentences on what they did, good, bad, or other relevant information.  The Periodic and Perpetual inventory tracking systems are different in that they use different methods to track the businesses inventory. The Periodic inventory system is a more simple inventory system that requires a physical count of all merchandise or goods. This can be done on a weekly basis, monthly, quarterly, etc. This system is more commonly used in small business, local Mom & Pop shops where the quantity of inventory is more manageable. With this system, it is not exactly known what was sold for that period until a physical count is made. The Perpetual inventory system on the other hand, is a computerized system that uses barcodes and other digital processes to track inventory AS its sold. This is more widely used in most businesses today because it provides real time inventory updates and gives a better estimation of the value of goods.The differences on an income statement for a service company and merchandising company is how their revenues are recorded. Service companies provide services to customers so therefore, income is recorded as Service Revenue/ Account Receivables. A Merchandise company sells goods to customers so they are obligated to record the Cost of Goods which is subtracted from the Sales Revenue, which amounts to Gross profit.  (1) the sale of merchandise on credit, including credit termsSold furniture on accountDate             Account                     Debit       CreditJan 15         A/R                             1500                                                 Sales Revenue                     1500                     to record sales rev on acctJan 15         Cost of Goods           750                           Merch. Inventory                  750                     to records cost of goods sold(2) the receipt of a partial return of the sale from the customerDate             Account                     Debit       CreditJul 20         Returns Payable         300                             Sales Revenue                     300                  to record partial returnJul 20         Merch Inventory         150                              Cost of Goods sold             150                      to record estimate of returns (3) the payment by the customer within the discount period.Date             Account                                    Debit       CreditAug 1          Cash  (1000-(1000*.05))         950                          A/R                                                          950                 to record payment coll within 5% discount perioBusiness Accounting ACCOUNTING 205

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