Check of 2 Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07-3) [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 $550 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, 1/30 Exercise 7-5 (Algo) Part 1 int 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 gnore 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. Part 12 Prepare the journal entries to record the sale on November 17 (ignore cont of goods) and collection on November 26, 2021, assuming that the grous method of accounting for cash discount is used (if no antry required for a transaction/event, select "No journal entry required in the first account fald View transactions Journal entry worksheet Record the sale of 200 units with a lotprice of $900, 25 trade discount applicable with term of 2/10. V under the gross method debitore Gallora Date November 2021 Debt ework Saved Required information Journal entry worksheet 2 > Record the sale of 200 units with a list price of $550, a 25% trade discount (if applicable), with terms of 2/10, 1/30 under the gross method. Note: Enter debits before credits. General Journal Date November 17, 2021 Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 of 2 Journal entry worksheet t1 of 2 Journal entry worksheet 1 2 Record the cash collection on December 15. Note Enter debits before credits Date General Journal Debit Credit December 15, 2021 Record entry Clear entry View general journal Prey 5 6 of 12 Next > Record the sale of 200 units with a list price of $550, a 25% trade discount (if applicable), with terms of 2/10, 1/30 under the net method. Note: Enter debits before credits. Date November 17, 2021 General Journal Debit Credit Record entry Clear entry View general journal