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 200 units to Thomas Company on November 17, 2018. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30 Exercise 7-5 Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, 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, 2018, assuming that the gross method of accounting for cash discounts is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2018, assuming that the gross 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.) Debit 88,270 2,730 No Date General Journal Credit 1November 17, 201 Cash 0 Sales discounts Accounts receivable 91,000 K Req 1 Req 2X