The Periodic vs Perpetual Inventory System

Questions to focus on: In what ways does a merchandising business differ from a service business? How is the business cycle different for each? Why is merchandise inventory such an important account? How is merchandise inventory presented on both the balance sheet and income statement? What are the limitations of the periodic system? What types of companies would benefit from […]

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Closing Entries

Closing Entries Questions to focus on: Why do we need closing entries? Do we need the income summary account? How are closing entries related to the GAAPs? Review of the closing entries for a sole proprietorship Video: The Closing Entries Class Work:BE4-3 Additional Practice: E4-5

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