(L. OBJ. 1, 2, 3) Journalizing purchase and sale transaction-perpetual inventory [10—15...

(L. OBJ. 1, 2, 3) Journalizing purchase and sale transaction-perpetual inventory [10—15 min]

Consider the following transactions that occurred in October, 2012 for No Deal:

Requirements

1. What type of inventory system is No Deal using—periodic or perpetual?

2. Which transaction date helped you decide?

3. Journalize October transactions for No Deal. No explanations are required.