Parker company uses the gross method to account for purchase discounts and the periodic inventory system.

november 7: purchased goods from thompson company on account, exist17,000, terms 1/10, n/30.
november 13: returned merchandise to thompson company that was previously purchased on account, $2,400.
november 15: paid the amount due to thompson company.

required:
journalize jackson company's transactions on november 7, november 13, and november 15.

Explanation:

The journal entries are shown below:

On November 7

Purchase A/c Dr $17,000

     To Account payable A/c $17,000

(Being the goods are purchased on credit)

On November 13

Accounts Payable A/c Dr $2,400

        To Purchase Returns A/c $2,400

(Being returned goods are recorded)

On November 15

The journal entries are shown below:

On November 7

Purchase A/c Dr $17,000

     To Account payable A/c $17,000

(Being the goods are purchased on credit)

On November 13

Accounts Payable A/c Dr $2,400

        To Purchase Returns A/c $2,400

(Being returned goods are recorded)

On November 15

Account payable A/c Dr $14,600    ($17,000 - $2,400)

       To Purchase Discount A/c Dr $146          ($14,600 × 1%)

       To Cash A/c $14,454

(Being the amount paid within the discount period)

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