1.Describe the difference between a service and merchandising firm. Give an example of each from publicly traded companies.

2.Give a detailed example of the recording of purchases under a perpetual inventory system including returns, allowances and discounts.

3.Give a detailed example of the recording sales revenues under a perpetual inventory system including returns, allowances and discounts.

4.Give a detailed example of the recording of purchases under a periodic inventory system including returns, allowances and discounts.

5.Give a detailed example of the recording sales revenues under a periodic inventory system including returns, allowances and discounts.