Journalize the following transactions for Peterson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. May 2 Sold goods costing $7,680 to King Company on account, $12,800, terma 3/10, n/30. May 8 King Company was granted an allowance of $3,200 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. May 12 Received the amount due from King Company. Date Account Title Debit Credit C