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Q2: Required information T. Company, a manufacturer of air conditioners, sold 100 units to Tho....

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Accounting

Q2: Required information

T. Company, a manufacturer of air conditioners, sold 100 units to Tho. Company on November 17, 2024. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30.

Required:

1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the gross method of accounting for cash discounts is used.

2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the gross method of accounting for cash discounts is used.

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Journal entry worksheet Record the sale of 100 units with a list price of $750, a 20% trade discount (if applicable), with terms of 3/10,n/30 under the gross method. Note: Enter debits before credits. Journal entry worksheet Record the cash collection on November 26. Note: Enter debits before credits

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