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)

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.