Problem 02: Trade and Cash Discount; the gross method and net method compared: Lamcy Company, a manufacturer of electric equipment, sold 100 units to Radius Company on November 17,2018 . The units have a list price of $600 each, but Radius was given a 30% 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, 2018, 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 15,2018, assuming that the gross method of accounting for cash discounts is used. 3. Repeat requirements 1 and 2 assuming that the net method of accounting for cash discounts is used