Taylor Electronics Co. is an electronics retailer. It uses the perpetual inventory method and had $1,000 balance in inventory on January 1, 2023. Taylor Electronics Co. offers credit terms of 2/10,n/30 to its customers. Instructions: Part 1: Complete the journal entries for each transaction below for Taylor Electronics Co. You may omit explanations. Part 2: Answer the following two questions: 1. Based on the transactions given, how much is Net Sales for the month of January? 2. Based on the transactions given, how much is Gross Profit for the month of January? 1. Jan 1: Purchased 40 laptops for $300 each plus freight charges. Received a bill from Acer Corp. for $12,200, including $12,000 purchase price plus $200 freight (shipping charges), terms n/30. Prior to paying for the laptops, Taylor Electronics Co. returned 3 laptops that were slightly damaged ( $300 per laptop x 3 laptops = $900 return). Record the NET impact of these transactions in one journal entry. 2. Jan 4: Sold 10 laptops to Williams Consulting Co. for $5,000 on account (terms 1/10,n/30 ). The laptops cost Taylor $3,040. 3. Jan 6: Accepted a return of 1 laptop from Williams Consulting Co. The laptop was the wrong model but otherwise in good condition. The laptop cost Taylor Electronics Co. \$304 and was sold for \$500. 4. Jan 13: Received payment in full from Williams Consulting Co. (Hint: calculate the customer balance from Jan 4 and Jan 6 transactions and consider the discount terms.) 5. Jan 15: Sold 10 televisions to Joe's Sports Bar \& Grill for $8,000 on account (terms 1/10, n/30). The televisions cost Taylor $5,000. 6. Jan 18: Allowed Joe's Sports Bar \& Grill to keep one slightly defective television and granted Joe's a sales allowance for $300. 7. Jan 27: Paid the amount due to Acer Corp. (from Jan 1 transaction above). 8. Jan 28: Received payment in full from Joe's Sports Bar \& Grill (Hint: calculate the customer balance from Jan 15 and Jan 18 transactions and consider the discount terms.)