7. A company's manager would like to know how many of a certain product is on hand irn order to fulfill a large upcoming order. If the manager can puil up a report to show the inventory on hand at any time, what kind of inventory system does the business use? 8. Before preparing the balance sheet at year end, a company must count all inventory orn hand. To find the cost of the merchandise sold, the accountants compare the inventory at the beginning of the year to the amount of inventory counted at the end of the year and purchases during the year. Does the company operate using a perpetual or perjiodic inventory system? A company records the sales and purchases of merchandise as the transactions occur. The accountant also reviews the totals regularly to check the totals among journals. Does the company use a perpetual or periodic inventory system? 9. 20. Walden Movies receives $1,170 in cash for sales on September 3. Other customers put their amounts owed, totaling $900, on account during the day. The merchandise cost Walden Movies $500. Prepare the journal entries required to record the sales using a perpetual inventory system. 21. On September 4, Real Housewares has $16,500 in sales, with customers paying $10,750 in cash and the remainder on account. Real Housewares purchased the merchandise for $4,800. Prepare the journal entries required to record the sales using a perpetual inventory system. 22. Modern Glassware sold $8,250 of merchandise to Kitchen Supply on account on October 10with the terms 2/10, n/40. The company paid $2,100 for the merchandise. Kitchern Supply paid for the purchase on October 17 to take edvantage of the discount. Record the sale of the merchandise and the receiot of the payment