Required Information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following informotion opplies to the questions disployed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomss Company on November 17, 2024. The units hove a list price of $550 each, but Thomss wos given a 30% trode discount. The terms of the sale were 3/10, n/30. Exerclse 7.5 (Algo) Part 3 3.a. Prepore the journal entries to record the sole on November 17 (ignore cost of goods) and collection on November 26 , 2024. ossuming that the net method of occounting for cash discounts is used. 3.b. Prepare the joumal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15 , 2024. ossuming that the net 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 net 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. Journal entry worksheet Record the sale of 200 units with a list price of $550, a 30% trade discount (if applicable), with terms of 3/10,n/30 under the net method. Note: Enter debits befure credits