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 merchandise on credit to Rondo Distributors, terms n/30. The cost of the merchandise was $720.8 Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice.? $SYSTEM~~~~~~~\textbf{PERIODIC INVENTORY}\textbf{PERPETUAL INVENTORY}\\~\textbf{SYSTEM}~~~~~~~~~~~~~~~~~~~~~~~~~~~~\textbf{SYSTEM}$
$Dr.Cr.∣∣∣∣∣∣∣\begin{array} { | c | c | c | c | c | c | c | c | } \hline Date & Description & Dr. & Cr. & \mid & Description~ & Dr. & Cr. \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline\end{array}$

Question

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 merchandise on credit to Rondo Distributors, terms n/30. The cost of the merchandise was $720.8 Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice.?

SYSTEM~~~~~~~~~~~~~\textbf{PERIODIC INVENTORY}~~~~\textbf{PERPETUAL INVENTORY}\\~~~~~~~~~~~~~\textbf{SYSTEM}~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\textbf{SYSTEM}

Dr.Cr.∣∣∣∣∣∣∣\begin{array} { | c | c | c | c | c | c | c | c | } \hline Date & Description~~~~ & Dr. & Cr. & \mid & Description~~~~~ & Dr. & Cr. \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline & & & & \mid & & & \\\hline\end{array}

Caleb Gibbons · Accepted Answer

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