1. Jones Inc. purchases $100,000 in inventory on June 1^st from Hose Inc. with terms 2/10, net 30. Jones returns $10,000 worth of merchandise due to damage on June 3^rd. Jones pays $39,200 on June 10^th and the remaining balance on June 30^th.

a. Assume that Jones uses the periodic inventory method and records transactions under the gross method. Please record the journal entries for June.

b. Using the information above, prepare the journal entries assuming that Jones using the perpetual inventory method (and gross).

Bonus: Earn up to 2 points by completing the entries under net method either for periodic or perpetual (identify method).

c. Assume that Jones records entries under the net method, what are the journal entries (you may use either periodic or perpetual, but please identify method).