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Please help with what I got wrong on part 2 (the red x's) Required information [The following information applies to the questions displayed below.) Tracy
Please help with what I got wrong on part 2 (the red x's)
Required information [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, 2021. The units have a list price of $760 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross 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.) No General Journal Credit Date November 17, 202 Accounts receivable Sales revenue Debit 57,000 1 57,000 2 November 26, 202 Cash Sales discounts Accounts receivable 55,860 1,140 57,000 Req 1 Req 2 > Required information [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, 2021. The units have a list price of $760 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross 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.) No General Journal Credit Date November 17, 202 Accounts receivable Sales revenue Debit 74,480 1 74,480 2 76,000 X December 15, 202 Cash Accounts receivable Sales discounts 74,480 1,520
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