Exercise 7-5 Trade and cash discounts; the gross method and the net method compared [LO7-3] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2016. 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, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2016, 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 transa transaction list Date 1. Record the sale of 200 units with a list price of $550, a 25% trade discount (if applicable), with terms of 2/10, n/30 under the gross method. 2. Record the cash collection on November 26. journal entry has been entered