Please note that this discussion board will require a minimum of three posts. These consist of your initial post, your response to comments that I post to your thread, and at least one response to a classmate. If you post late in the week, it's possible that I may not be able to provide a comment to you. In that case, please be sure to provide response posts to at least two classmates. Chapter 6 (Continued): Accounting for Merchandising Businesses 1. Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements? 2. Please tell us about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements? 3. How are sales to customers using credit cards recorded? 4. Please create an example of an Income Statement for a merchandising business