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Exercise $7-5($Algo$)$ Trade and cash discounts; the gross method and the net method compared $[$LO$7-3]$

$[$The following information applies to the questions displayed below.$]$

Tracy Company, a manufacturer of air conditioners, sold $200$ units to Thomas Company on November $17,2024.$ The units

have a list price of $$550$ each, but Thomas was given a $30\%$ trade discount. The terms of the sale were $\frac{3}{10},\frac{n}{30}.$

Exercise $7-5($Algo$)$ Parts $1$ and $2$

Required:

Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on November $26,2024,$

assuming that the gross method of accounting for cash discounts is used.

Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on December $15,2024,$

assuming that the gross method of accounting for cash discounts is used.

Complete this question by entering your answers in the tabs below.

Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on November $26,2024,$ assuming

that the gross method of accounting for cash discounts is used.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.