On July 22. Peter sold $50,500 of inventory items on credit with the terms 4/15, net 30 . Payment on $15,000 of sales was received on August 1 . On August 9 th, 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)