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im theducation.com Connect Inventory Assignment (Due 1) Help 8 Check my...

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Accounting

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im theducation.com Connect Inventory Assignment (Due 1) Help 8 Check my Part 1 of 2 Required Information 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 $350 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30. Thomas uses a perpetual inventory system 1 Dos HO Required: 1. Prepare the journal entries to record the fal purchase by Thomas on November 17 and (b) payment on November 26, 2021 Thomas uses the gross method of accounting for purchase discounts 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021 Complete this question by entering your answers in the tabs below. Reagird 1 Required 2 Prepare the journal entries to record the (a) purchase by Themes on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts (i no entry is required for a transaction/event, selede journal entry required in the first account feld) View transaction lit Journal entry worksheet 1 2 > 8 10

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