please complete question 8 part 3. please fonplete required 3A and required 3B
Check my work Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3) (The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Req 3A Reg 38 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Draw 8 of 16 !!! Next > Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. > Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 3A Reg 3B Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit Credit 1 November 17, 202 Accounts receivable 49,392 Sales revenue 49,392 2 November 26, 202 Cash 49,392 Accounts receivable 49.392 Red Req38 > Prey 8 of 16 !!! Next > units have a list price of $450 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. 2 Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Req Reg 3B Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Fences View transaction list View journal entry worksheet Debit Credit 49,392 49.392 Record the purchase of air conditioners. 2 Record payment on November 26 using the net method of accounting for purchase discounts. 49,392 49.392 Reg S8 > Required information Reg 3A Reg 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Note: Enter debits before credits Date General Journal Debit Credit December 15, 2021 Return to question Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared (LO8-3) The following information applies to the questions displayed below) Part 12 Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. points Exercise 8-11 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021 Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Required information 1 of 2 Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No General Journal Credit Date Date November 17, 202 Inventory Accounts payable Debit 50,400 50,400 50,400 November 26, 202 Accounts payable Inventory Cash 1,008 49,392 Required 2 > Return to question Exercise 8-11 (Algo) Parts 1 and 2 Part 1 of 2 Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021 points Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) NO General Journal Credit Date December 15, 202 Accounts payable Cash Debit 50,400 50.400 ( Required 1
