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periodic and perpetual how do you do this E8.5 Using perpetual inventory procedures, journalize the following transactions for Jessica's Gift Shop for April. Assume Jessica
periodic and perpetual
how do you do this
E8.5 Using perpetual inventory procedures, journalize the following transactions for Jessica's Gift Shop for April. Assume Jessica uses the net price method of recording merchandise purchases. April 4 April 8 Jessica purchased $20,500 of merchandise from Parker Company; terms 2/10, n/30. Jessica returned $1,200 of damaged merchandise purchased on April 4 to Parker Company and Parker Company will decrease Jessica's bill accordingly. Jessica paid Parker Company for the purchase and took advantage of the cash discount. April 12 E8.6 Refer to E8.5. Make the journal entries assuming Jessica uses the gross price method. E8.7 Refer to E8.5. Make the journal entries assuming Jessica uses a periodic inventory system and the net price method. E8,8 Refer to E8.5 and E8.6. Make the journal entries assuming Jessica uses a periodic system and the gross price method. E8.9 Refer to E8.5. Assuming Jessica uses perpetual procedures and the net price method, determine the effect of each of the events on the accounting equation Step by Step Solution
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