! Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 160 units to Thomas Company on November 17, 2021. The units have a list price of $550 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. Req Reg 3B Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26 uses the net method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No required" in the first account field.) View transaction list Journal entry worksheet 1 2 2 > Record payment on November 26 using the net method of accounting for purchase discounts. Note: Enter debits before credits. General Journal Debit Credit Date November 26, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req Req 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (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 1 > Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Note: Enter debits before credits. General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general journal