MAKE SURE YOU USE THE NET METHOD NOT THE GROSS METHOD

Requlred Information

Exercise $7\mathrm{.}5($Static$)$ Trade and cash discounts; the gross method and the net method compared $[$LO$7-3]$

$[$The following information applies to the questions displayed below$]$

Tracy Company, a manufacturer of air conditioners, sold $100$ units to Thomas Company on November $17,2024.$ The units

have a list price of $$600$ esch, but Thomss was given a $30\%$ trade discount. The terms of the sale were $\frac{2}{10}.\frac{?}{30}=.$

Exerclse $7-5($Static$)$ Part $3$

$3-$a$.$ Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on November $26,2024,$

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 $15,2024,$

assuming that the net 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 net method of accounting for cash discounts is used.

Notes If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Req$3A$

Req $3$B

Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on December $15,2024,$

assuming that the net 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.