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    The steps in the accounting cycle

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    1. (a) "The steps in the accounting cycle for a merchandiser
    are different from the accounting cycle for a service
    enterprise." Do you agree or disagree? (b) Is the
    measurement of net income for a merchandiser conceptually
    the same as for a service enterprise?
    Explain.

    5. When is cost of goods sold determined in a perpetual inventory
    system?

    24. In the following separate mini cases, using a periodic inventory
    system, identify the item(s) designated by letter.
    (a) Purchases _ X _ Y _ Net purchases.
    (b) Cost of goods purchased _ Net purchases _ X.
    (c) Beginning inventory _ X _ Cost of goods available
    for sale.
    (d) Cost of goods available for sale _ Cost of goods
    sold _ X.

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    Solution Summary

    This solutions details the steps in the accounting cycle and perpetual and periodic inventory systems.

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