Using the perpetual inventory system and net price method

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Reference no: EM13827306

On April 4th, Jessica purchased $20,500 of merchandise from Parker Company; terms 2/10, n/30. Prepare the journal entry to record the transaction using the perpetual inventory system and the net price method.

On April 8th, Jessica returned $1,200 of damaged merchandise purchased on April 4th to Parker Company. The company will decrease Jessica's bill accordingly. Prepare the entry to record the transaction using the perpetual inventory system and the net price method.

Reference no: EM13827306

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