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CH(2): Journal entries %u2013Periodic Inventory system43A-6)Purchase goodson account with discount: The credit terms of a purchase on account may permit the buyerto claim a cash discount for prompt payment. The buyer calls this cash discountsapurchase discount. This incentiveoffers advantages to both parties: The purchaser saves money, and the seller shortens the operating cycle by more quickly converting the accounts receivable into cash. Illustration 2-6:On Jan,162020, SalmanCompany purchased merchandise from Eman Est, BD20,600, terms 2/10, n/30. It wasrecorded in the general journal:GENERAL JOURNALDateAccount Title and ExplanationPRDebitCreditJan,16Purchases20,600Account Payable-Eman20,600Purchase goods on account-terms 2/10,n/30A-7)Purchases returns on account with discount: Illustration 2-7:On Jan,172020, SalmanCompanyreceived refund from Eman Est, BD600 for returned goods on account purchase of Jan, 16. It was recorded in the general journal:GENERAL JOURNALDateAccount Title and ExplanationPRDebitCreditJan,17Account Payable -Eman600Purchases Returns and Allowance600Returned purchase goods on accountPurchases returns on accountDebitCreditAccount PayablePurchases returns and allowance2-Explain the recording of purchasegoodsundera periodicinventory without cash discount.