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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 $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, 1/30, Exercise 7-5 (Algo) Part-2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, 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, 2021, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net 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.) Show less View transaction list View journal entry worksheet No Date General Joumal Debit Credit 1 November 17, 2021 Accounts receivable Sales revenue 22 November 26, 2021 Cast 76,440 1,560 Sales discounts Accounts receivable 78.000 Reg 3 > Che Required Information Exercise 7-5 (Algol Trade and cash discounts; the gross method and the net method compared (107-3) {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 $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, 1/30 Exercise 7.5 (Algo) Part-2 3-a. Prepare the journal entries to record the sale on November 17 ignore cost of goods and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-5. Prepare the journal entries to record the sale on November 17 (gnore cost of goods and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net 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.) Show less View transaction list View journal entry worksheet No Debit Credit 1 Date General Journal November Accounts receivable 17, 2021 Sales revenue 2 December Cash 15, 2021 Accounts receivable 78,000 Reg SA
