Answers
E8.8)
Periodic under Gross Method:
| Date | Account Titles and Explanations | Debit | Credit |
| Apri. 4 | Purchases | $20,500 | |
| Accounts Payable - Parker Company | $20,500 | ||
| (To record the purchase of merchandise inventory on account) | |||
| Apri. 8 | Accounts Payable - Parker Company | $1,200 | |
| Purchase returns | $1,200 | ||
| (To record the return of merchandise inventory purchased on account) | |||
| Apri. 12 | Accounts Payable - Parker Company ($20,500 - $1,200) | $19,300 | |
| Purchase Discount ($19,300*2/100) | $386 | ||
| Cash ($19,300 - $386) | $18,914 | ||
| (To record the payment for the credit purchase along with receipt of discount) |
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