Required information [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17, 2024. The units have a list price of $400 each, but Thomas was given a 25% 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, 2024. 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 15,2024. assuming that the gross method of accounting for cash discounts is used. Journal entry worksheet Record the sale of 220 units with a list price of $400, a 25% trade discount (if applicable), with terms of 2/10,n/30 under the gross method. Note: Enter debits before credits. Record the cash collection on November 26. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17,2024 . The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. 3-0. 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. assiuminn that the net method of accounting for cash discounts is used Journal entry worksheet Record the sale of 220 units with a list price of $400, a 25% trade discount (if applicable), with terms of 2/10,n/30 under the net method. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26,2024 , 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. 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
