Req 1 and 2 Journal entry worksheet.

1. Record the purchase of air conditioners.

2. Record payment of November 17 purchase.

3. Record payment of November 17 purchase.

Req 3 Journal entry worksheet.

1. Record purchase of merchandise on account using net method.

2. Record payment of November 17 purchase using net method.

3. Record payment of November 17 purchase using net method.

Tracy Company, a manufacturer of air conditioners, sold 110 units to Thomas Company on November 17, 2018. The units have a list price of $400 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30. Thomas uses a periodic inventory system. Required: 1. & 2. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2018 and December 15, 2018 using the gross method of accounting for purchase discounts. 3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts