PIONEER ADVERTISING AGENCY Trial Cash Advertising Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Unearned Revenue C. R. Byrd, Capital C. R. Byrd, Drawing Service Revenue Salaries Expense Rent Expense Balance October 31, 2010 Debit Credit $15,200 2,500 600 5,000 $5,000 2,500 1,200 10,000 500 10,000 4,000 900 $28,700 $28,700 (a) Distinguish between periodic inventory system and perpetual inventory system. (b) Elucidate the term 2/10,n/30. (c) Discuss in brief how the operating cycle of a merchandising company operates