accounting 300-350 word count both assignments

• losing Entries
  • What are the reasons for closing entries?
  • What accounts are closed?
  • How are closing entries done?
  • What is the result of the closing entry?
• Merchandising
• What is the difference between a service and a merchandising business? Provide an example of each.
• What are three new types of merchandising accounts?

 Within the Discussion Board area, write 300–400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Accounting for merchandise inventory is done using different methods. Write a report discussing three different methods (3 inventory costing methods (specific identification, FIFO, LIFO, and/or weighted average). In the report, identify 2 reasons why a business would choose that particular method.