Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07-3] [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 $500 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net 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.) X Answer is not complete. Complete this question by entering your answers in the tabs below. Req Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net 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 Date General Journal Debit Credit November 17, 202 Accounts receivable Sales revenue November 26, 202 Cash Accounts receivable Req 3A Req 3B > X Answer is not complete. Complete this question by entering your answers in the tabs below. Req Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net 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 Date General Journal Debit Credit