record the journal entries and answer the questions at rhe bottom

7.5 Record the needed journal entry for each of the following transactions. 1. Bob Company started up a business by receiving $500,000 in cash from investors (in exchange for Common Stock). 2. Bob Company purchased $300,000 of inventory (using cash). 3. Bob company sold $200,000 of the $300,000 in inventory to a customer (on account) for $800,000. Terms of the sale are 1/10 n/30. REMINDER: Don't forget to reduce inventory (and record COGS). 4. The customer from #3 was not happy with the purchase. In order to keep the customer happy, Bob Company reduced the customers invoice by $20,000. 5. Within the terms of the sale, the customer paid the remaining balance with cash. NOTE - Don't forget about the allowance provided in number 4 above. QUESTIONS - Based on review of the above 5 transactions. Answer the following questions: Gross Sales Net Sales Cost of Goods Sold Gross Profit Gross Profit Percentage