Peterson Company uses thegross methodto account for purchase discounts and theperiodic inventory system.

May8 Purchased goods from Davis Companyon account, $15,000, terms 5/10, n/30.

May14 Returned merchandise to Davis Company that was previously purchased on account, $1,500.

May15 Paid the amount due to Davis Company.

Required:

Journalize Peterson Company's transactions on May 8, May 14, and May 15.

Date________ Account Title________ Debit________Credit_________