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Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System Fortune Distributing Company had the following transactions with Arlington, Inc., during November: Nov. 10

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Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System Fortune Distributing Company had the following transactions with Arlington, Inc., during November: Nov. 10 Fortune sold and shipped $8,500 worth of merchandise to Arlington Inc., terms 2/10, n/30. 12 Arlington, Inc. paid freight charges on the shipment from Fortune Company, $450 14 Fortune received $900 of merchandise returned by Arlington from the November 10 sale. 19 Fortune received payment in full for the net amount due on the November 10 sale. 24 Arlington returned goods that had been billed originally at $700. Fortune issued a check for $686. Required Prepare the necessary journal entries (a) of Company the books of Arlington, Inc. Assume that both on the books Fortune Distributing and (b) on companies use the periodic inventory system

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