Exercise 7-5 Trade and cash discounts; the gross method and the net method compared [L07-3] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2018. The units have a list price of 5640 each but Thomas was given a 25% trade discount. The terms of the sale were 3/10, n/30 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018 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, 2018, assuming that the gross method of accounting for cash discounts is used. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018. assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2018. assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req Reg 2 Reg Reg 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the gross method of accounting for cash discounts is used. If no entry is required for a transaction/event, select No journal entr required in the first account field.) Journal entry worksheet Record the sale of 100 units with a st price of 5640. a 25e trade discount if applicable with terms of B/10 30 under the gross methods