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CH(2): Journal entries %u2013Periodic Inventory system38Chapter(2):Journal Entries forMerchandising Business-PeriodicInventory SystemLearningObjectives:After studying this chapter, you should be able to:1-identify the difference between theperpetualand the periodic inventorysystem. 2-understand the recording of purchases under the periodicinventory system without cash discount.3-understand the recording of purchases under aperiodic inventory with cash discount.4-understand the recording of sales under a periodicinventory system without cash discount.5-understand the recording of sales under a periodicinventory with cash discount.A Look BackChapter 1: Journal Entries for Merchandising Business -Perpetual Inventory SystemA look at this chapterThis chapter Focuses on:Journal Entries for Merchandising Business %u2013Periodic Inventory SystemA Look AheadChapter 3Extends our focus on Accounting For Receivable