Gross Method Net Method Comparison of Methods c. Prepare a table showing the effect on Espresso's net income from sales, sales returns and allowances, and sales discounts under both the gross method and net method (ignoring cost of goods sold). Compute the net cash flow of these events and compare it to the net income effect. Note: Use negative signs with contra accounts. Net Method OX $ Gross Method 0 * $ 0 x 0 x 0 0 x $ Sales Sales returns and allowances Sales discounts Sales discount forfeitures Revenue 0 0x 0 x $ Check Gross Method Net Method Comparison of Methods b. Prepare Expresso's journal entries (ignoring cost of goods sold) for these transactions Note: List multiple debits or credits (when applicable) in alphabetical order according Cr. Dr. 19,200 0 0 19,200 0 2,880 2,880 0 > M 0 > > > > Date Account Name Aug. 12, 2020 Accounts Receivable Sales Revenue Aug. 17, 2020 Sales Returns and Allowances Accounts Receivable Aug. 19, 2020 Cash Accounts Receivable Aug. 24, 2020 Sales Returns and Allowances Accounts Receivable Aug. 27, 2020 Cash Accounts Receivable Sales Discount Forfeited Sep. 12, 2020 Sales Returns and Allowances Cash Sep. 14, 2020 Sales Discount Forfeited Sales Returns and Allowances Cash 11,520 0 2,304 0 2,600 0 11,520 0 2,304 0 2,496 104 > S 40 0 960 0 . 0 1,000 Gross Method Net Method Comparison of Methods a. Prepare Expresso's journal entries (ignoring cost of goods sold) for the following transactions under the gross method. Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. Note: Round amounts to the nearest whole dollar. Dr. Cr. 0 20,000 0 3,000 20,000 0 0 3,000 0 11,520 480 0 0 12,000 Date Account Name Aug. 12, 2020 Accounts Receivable Sales Revenue Aug. 17, 2020 Sales Returns and Allowances Accounts Receivable Aug. 19, 2020 Cash Sales Discount Accounts Receivable Aug. 24, 2020 Sales Returns and Allowances Accounts Receivable Aug. 27, 2020 Cash Accounts Receivable Sep. 12, 2020 Sales Returns and Allowances Cash Sales Discount Sep. 14, 2020 Sales Returns and Allowances Cash 0 2,400 0 2,400 0 2,600 0 2,600 0 1,000 0 960 0 40 0 1,000 0 1,000