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 200 units to Thomas Company on November 17 , 2024. The units have a list price of $660 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Parts 1 and 2 equired: 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. 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. 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 200 units to Thomas Company on November 17,2024 . The units have a list price of $660 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. xercise 7-5 (Algo) Parts 1 and 2 equired: 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. 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 December 15, 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