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Required information [The following information applies to the questions displayed below.] Tracy...

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Accounting

Required information
[The following information applies to the questions displayed below.]
Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17,
The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of
the sale were 210,n30.
Required:
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.
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.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
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.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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