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Financial Accounting

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What items appear on the merchandising company statements that don’t appear on the service company statements? Why is there a difference?

  • Financial Accounting -

    Well, it's obvious. The answer is in the question. Merchandise Inventory. Whenever you sell merchandise, you also must have a journal entry for Cost of goods sold as well.

    Merchandising company is when your actually selling something.

    Service company statements is when your providing services for your client.

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