Olivia owns a bookshop, Oli Books, in Taman Melaka Raya. She uses perpetual system to record the shop's inventory. On 1 October 2021, the company had inventory amounting RM5,200. The following transactions took place in October 2021: Oct 2 Purchased stationery for RM2,500 from Kedai Alatulis Phua, FOB destination, terms 2/10, n/45. The appropriate party also made a cash payment of RM80 for freight on this date. 4 Sold artwork materials to QQ Drawing Club for RM1,200, FOB destination, terms 1/10, n/30. The cost of merchandise was RM720. The appropriate party also made a cash payment of RM50 for freight on this date. 7 Received credit from Kedai Alatulis Phua for stationery returned, RM300. 10 Purchased new office furniture for cash RM880. 12 Issued credit memo of RM200 to QQ Drawing Club for the return of faulty artwork materials. The materials had a cost of RM120. 13 Received payment from QQ Drawing Club. 21 Paid the amount due to Kedai Alatulis Phua. 30 The inventory on hand was determined as RM6,600 through a physical count. Required (a) Journalise the October transactions including the necessary adjusting entry for inventory. (12.5 marks) (b) Show the difference between a merchandising company and a service company on how their record their revenues and expenses. (2 marks)