Journalize the following transactions for Armour Inc.using both the periodic inventory system and the perpetual inventory system,presented in the side-by-side format of the form provided below.
Oct.7 Sold $1,200 of merchandise on credit to Rondo Distributors,terms n / 30; the cost of the merchandise was $720.
Oct.8 Purchased merchandise,$10,000; terms FOB shipping point and 2 / 15,n / 30; with prepaid freight charges of $525 added to the invoice.

Question

Quizplus · Accepted Answer

The Answer of Journalize the following transactions for Armour Inc.using both the periodic inventory system and the perpetual inventory system,presented in the side-by-side format of the form provided below.
Oct.7 Sold $1,200 of merchandise on credit to Rondo Distributors,terms n / 30; the cost of the merchandise was $720.
Oct.8 Purchased merchandise,$10,000; terms FOB shipping point and 2 / 15,n / 30; with prepaid freight charges of $525 added to the invoice.

Journalize the Following Transactions for Armour Inc