Chapter $5($Continued$)$: Accounting for Retail Businesses$1.$ Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements?$2.$ Please tell us about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements?$3.$ How are sales to customers using credit cards recorded?$4.$ Please create an example of an Income Statement for a merchandising business.