2. Inventory Transactions The Journal Company has provided you with the following inventory + transactions: Oct 1 Journal Company purchased 2,500 red blankets from Warm Vendor with the following terms 2/10,n/30 FOB destination, and unit price is $26. Oct 3 Received freight bill for Oct 1 transaction, $600 and paid Oct 5 Returned 200 blankets from Oct 1 transaction Paid the amount due to Warm Vendor Oct 9 Oct 12 Sold 1,700 red blankets to City Customer, terms 2/10, n/30, FOB Shipping Point, selling price is $58. Oct 15 City Customer returned 125 red blankets. Oct 22 City Customer paid total amount owed Oct 21 Journal Company purchased 1,900 red blankets from Warm Vendor with the following terms 2/10, n/30 FOB shipping point, unit price is $26 Oct 23 Received freight bill for Oct 21 transaction, $700 and paid. Required A. Prepare all of the necessary journal entries, using the following accounts (as we did in class): Cash, Accounts Receivable, Purchases (Inventory), Purchase Returns (Inventory), Inventory, Accounts Payable, Purchase Discounts, Freight-In, Sales, Sales Discounts, Sales Returns, Cost of Goods Sold. B. Summarize your data and prepare the partial income statement, as we did in class. 3. Explain the difference between Gross Account Receivables Vs Net Account Receivables