Sales Discounts & Returns Allbright Co. uses a perpetual inventory system, they incurred the following transactions: Feb. 10 Feb. 12 Feb. 12 Feb. 14 Feb. 18 Feb. 22 Purchased 80 units on account @$8 per unit, terms 2/10 n 30. Sold 60 units on credit @$22 per unit, terms 2/10 n 20. Returned 8 units purchased on Feb. 10th. Customer returned 12 units sold on Feb. 12th. Paid $564.48 of amount due from Feb. 10th. Collected $1,034.88 from units sold on Feb. 12th. Required: 1. Prepare the journal entries to record the above transactions, assuming Allbright uses the gross method to record purchase and sales discounts, 2. Repeat (1), assuming Allbright uses the net method to record purchase and sales discounts. 3. Repeat (1) and (2), assuming Allbright uses a periodic inventory system. 4. Prepare the Sales and Cost of Goods Sold section of the Income Statement