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CH(1): Journal entries %u2013Perpetual Inventory system10Chapter (1):Journal Entries forMerchandising Business-PerpetualInventory SystemLearningObjectives:After studying this chapter, you should be able to:1-identify the difference between services and merchandise companies. 2-describe the steps in determining inventory quantities.3-identify the items making up merchandise inventory.4-identify the costs of merchandise inventory.5-explain the recording of purchases under a perpetual inventory without cash discount.6-explain the recording of purchasesunder a perpetual inventory with cash discount.7-explain the recording of sales under a perpetual inventory without cash discount.8-explain the recording of sales under a perpetual inventory with cash discount.9-explain the recording of sales goods under a perpetual inventory with cash discount.A look at this chapterThis chapter discussesjournal entries for merchandising business -perpetual inventory systemA Look AheadChapter 2Focuseson journal entries for merchandising business -periodic inventory system