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, PERIODIC INVENTORY PERPETUAL INVENTORY SYSTEM SYSTEM Date Description Dr. Cr. | Description Dr. Cr. 1 Describe the major differences in preparing the financial statements for a service business and a merchandising business. Service Business Merchandising Business Income Statement: Income Statement: Balance Sheet: Balance Sheet