Arizona Co. purchased $420,000 in merchandise on account during the month of April, and merchandise costing...

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Arizona Co. purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Arizona uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Arizona uses a periodic inventory system. Arizona Co. purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Arizona uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Arizona uses a periodic inventory system.