Ch 8 Exercises - Homework reparo Jana 72 newco Seved 13 0 Part 1 of 2 Required Information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-31 [The following information applies to the questions displayed below) Tracy Company, a manufacturer of ar conditioners, sold 180 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 25 trade discount. The terms of the sale were 20.30 Thomas uses a perpetual inventory system 0.52 DO Exercise 8-11 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entities to record the purchase by Thomas on November 17 and payment on November 26, 2021 Thomas uses the gross method of accounting for purchase discounts 2. Prepare the journal entry for the payment, assuming instand that it was made on December 15, 2021 Complete this question by entering your answers in the tabs below. Required Required Prepare the journal entre to record the (o purchase or Thonon November 17 and (b) payment on November 26 2021. Thomas uses the method of accounting for purchase discounts, no estilo required for transaction selectoral round that count) Mins Saved Required Information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] [The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 180 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30 Thomas uses a perpetual Inventory system Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts Complete this question by entering your answers in the tabs below. Reg 3A Reg 3e Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. If no entry is required for a transaction/event, select "No journal entry required in the first account field. View transaction ist