A printer that can be configured either as a dot matrix/impact printer or an inkjet printer. A printer frame mounts a carriage mechanism for reciprocally moving a head carrier. An adapter secures a printhead to the carrier; the adapter being configured to accept a predetermined type of printhead. A compensator/feeder assembly is pivotally movable between a printing position and a printer open position at which a slot for receiving a form is defined. The compensator/feeder assembly mounts a printer bar which is positioned in a confronting relationship with the printhead when the assembly is in the printing position. A compensator drive arrangement is fixed to a base and effects movement in the feeder assembly.