! Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 120 units to Thomas Company on November 17, 2021. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, 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, 2021, assuming that the gross method of accounting for cash discounts is used. Journal entry worksheet Record the sale of 120 units with a list price of $750, a 20% trade discount (if applicable), with terms of 2/10, n/30 under the gross method. Note: Enter debits before credits. Date General Journal Debit Credit November 17, 2021 Accounts receivable 72,000 Sales revenue 72,000 Journal entry worksheet Record the cash collection on December 15. Note: Enter debits before credits. Date General Journal Debit Credit 72,000 December 15, 2021 Cash Accounts receivable 72,000