As a consultant, you specialize in helping companies decide which accounting method to use. Your client, Megabucks Company, has just started business. The owners want to know how to use the gross and net methods to record purchases. Megabucks also wants to know which method is best to use. Megabucks uses the periodic system. Required: a. Prepare the journal entries under the gross and net methods for the following situations October 3 Purchased and received $10,000 of merchandise, terms 2/10, n/30. Gross Net October 6 Returned defective merchandise with a cost of $600. Gross Net October 12 Paid for $8,000 of the merchandise. Gross Net November 1 Paid for the remainder of the merchandise. Gross Net b. Describe which method has the most information for management, and why that method is more informative