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Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2024. The units have a list price of $500 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30.

3-a. 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.

3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used.

• Req 3A

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.

• Req 3B

Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 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.