2 Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [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, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30 Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, 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, 2021, assuming that the gross method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross 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.) View transaction list Journal entry worksheet NEW of 10 Nayt 2 Exercise 7-2 (Algo) Cash and cash equivalents [LO7-2] Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance Cash in bank-checking account $31,500 U.S. Treasury bills (mature in 60 days). Cash on hand (currency and coins) 9,000 2,250 Book U.S. Treasury bills (mature in six months) Undeposited customer checks 19,000 2,740 ences Saved "Purchased on 11/30/21 Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet. Cash and cash equivalents includes: Cash in bank-checking account Total $