Required information Exercise 7-5 Trade and cash discounts; the gross method and the net method compared.[LO7-3] Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2018. The units have a list price of $500 each, but Thomas was given a 20% trade discount. The terms of the sale were 310, n30 Exercise 7-5 Part-2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, 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, 2018, assuming that the net method of accounting for cash discounts is used 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, 2018 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.) View transaction list Journal entry worksheet Record the sale of 140 units with a list price of $500, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the net method. Note: Enter debits before credits. Date General Journal Debit Credit