Exercise 8-11 Trade and purchase discounts; the gross method and the net method compared [LO8-3] fracy Company, a manufacturer of air conditioners, sold 180 units to Thomas Company on November 17, 2018. The units have a list price of $500 each, but Thomas was given a 25% trade dis inventory system. count. The terms of the sale were 2/10, n30. Thomas uses a periodic Required: 1. &2. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2018 and December 15, 2018 using the gross method of accounting for purchase discounts. 3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below