Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3) 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 2021. The units have a list price of $660 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part 1 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. Complete this question by entering your answers in the tabs below. Req 2 Req 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 aross method of accountina for cash discounts is used. (If no entrv is reauired for a transaction/event. select "No tournal ent Req 1 Req 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 ent required" in the first account field.) View transaction list Journal entry worksheet