Purchase Discounts The following are transactions of Terrapin Enterprises: Prepare the appropriate joumal entries. (Al purchases on credit are made with terms of 1/10,n/30, and Terrapin uses the periodic system of inventery) July 3i: Purchased merchandise on credit from Bluejay. Inc. for s3300. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting " " for decrease (or negative effect). "+" for incresse (or postive effect) and "Ne" for Ne Entry (or ne effect) an the financial statement. roneci Mr Work Remember that the company uses the perlodic system of inventory. Review the accounts used to record inventory purchases and sales in the peciocic rntern. July 12: Paid amount owed to Bluejay, Inc. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting "- for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement