1. Prepare the journal entries on Dunbar Company's books, assuming that it uses the net price mothod to record its merchandise, (Dunbar uses a perpetual itventory system.) General Joumal instuctions Question not attempted. Chart of Accounts ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory 152PrepaidInsurance181Equipment189AccumulatedDepreciation500CostofGoodsSold501PurchasesDiscountsLost511InsuranceExpense 512 Utilities Expense \begin{tabular}{ll} \multicolumn{1}{c}{ LIABILITIES } & 521 Salaries Expense \\ 211 Accounts Payable & 532 Bad Debt Expense \\ 231 Salaries Payable & 540 Interest Expense \\ 250 Unearned Revenue & 541 Depreciation Expense \\ 261 Income Taxes Payable & 559 Miscellaneous Expenses \end{tabular} 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings On January 4, 2019. Dunbar Company purchased, on credit, 2,000 television sets at $700 each. Terms of the purchase were 2/10, n30. Dunbar paid for 20\%, of the5e sets on Januar 13 and the remaining 80% on February 1. Required: 1. Prepare the joumal antries an Dunbar Company's books, assuming that it uses the net price mothod to record its merchandise. (Dunbar uses a perpetual inventory system.) 2. Next Level Discuss the conceptual advantage of the net price method compared to the gross price method