On July 22, Peter sold $32,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 of sales was received on August 1. On August 9th, the customer returned $500 of defective inventory to Peter. The remaining payment was received on August 12. Assume Peter uses the gross method of accounting for sales on account Instructions: Prepare the journal entries on August 1 and August 12. Include the date for each journal entry. Round calculations to whole dollars (no decimals). Show your calculations and label the numbers (with words)