E.9

E8S Using perpetual inventory procedures, journalize the following 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 EX6 Refer to E8.5. Make the journal entries assuming Jession uses the gross price method. E87Refer to E8.5. Make the journal entries assuming Jessica uses a periodic inventory system and the net price method. E88 Refer to E8.5 and E8.6. Make the journal entries assuming Jessica uses a periodic system and the gross price method EXY Refer to E8.5. Assuming Jessien uses perpetual procedures and the net price method, determine the effect of each of the events on the accounting equation