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Help Save & Exit Submit Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07-3] (The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $660 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Reg Reg 38 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet Record the cash collection on November 26. Note: Enter debits before credits. General Journal Debit Credit Date November 26, 2021 View general journal Record entry Clear entry 19 2 . Next > Hequired information Req Reg 38 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. (If po entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet - 12 Print Record the sale of 200 units with a list price of $660, a 25% trade discount (if applicable), with terms of 2/10, 1/30 under the net method. -erences Note: Enter debits before credits Debit Credit General Journal Date November 17, 2021 Reg 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December that the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, selec required" in the first account field.) View transaction list Journal entry worksheet Record the cash collection on December 15. Note: Enter debits before credits. General Journal Debit Credit Date December 15, 2021

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