How many journal entries should be made when recording a sale of inventory when using either aperpetual or a periodic inventory system? Why?

LIFO/FIFO in periods of rising prices, which gives higher/lower COGS, Income, ending inventory?Lower of cost or market method of valuing inventory.

What are the 4 special journals weve covered and what specific transactions are recorded in each.What are subsidiary accounts and how/why are they used with accounts receivable and accountspayable accounts? Given balance amounts in all subsidiary receivable accounts, can you calculatethe amount that should be in the control account?Do you know which payroll expenses are paid by the employee, the employer, or both? Given a list of the various items, can you say whether they are paid by the employee, the employer, or both?

What is a bank reconciliation? Why is it needed? What are the 2 balances that need to bereconciled and what must both reconciled balances be? Given a list of affected items, can youstate whether they would be added to or subtracted from either the balance per books or the balanceper bank? Which part(s) of the bank reconciliation requires adjusting journal entries?

What is a petty cash fund? What is it used for? When are (and arent) journal entries required?Given a list of petty cash transactions, can you recognize needed journal entries (and/or know whenor if journal entries are needed)?