## 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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