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Return to question 1 Required information Exercise 7.5 (Algo) Trade and cash discounts; the gross method and the net method compared (LO7. 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 $470 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/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 NS of 6 Check my work Required information Complete this question by entering your answers in the tabs below. Req 3A Req38 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2022, assuming that the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, wlect "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the sale of 200 units with a list price of $470, a 25% trade discount ( applicable), with terms of 2/10, n/30 under the net method, waunchuraht.253A%252F%252Fnewtonnect education.com/activi Homework Save Halo Save & Exit Submit Check my work Required information 1 > Record the sale of 200 units with a list price of $470, a 25% trade discount (if applicable), with terms of 2/10, 1/30 under the net method. Credit Debit 69,000 Note: Enter debits before credits Date General Journal November 17, 2021 Accounts payable Sales revenue Cash Accounts receivable 69,090 69,090 69,090 Record entry Clear entry View general journal Check my work Required information 2 Record the cash collection on November 26. Note: Enter debits before credits Credit Debit 70,500 Date General Journal November 26, 2021 Cash Sales discounts forfeited Accounts receivable 1.410 09.090 Record entry Clear entry View general journal