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Tracy Company, a manufacturer of air conditioners, sold $200$ units to Thomas Company on November $17,2024.$ The units

have a list price of $$550$ each, but Thomas was given a $25\%$ trade discount. The terms of the sale were $\frac{2}{10},\frac{n}{30}.$

$3-$a$.$ Prepare the journal entrles to record the sale on November $17($Ignore cost of goods$)$ and collectlon on November $26,2024,$

assuming that the net method of accounting for cash discounts is used.

$3-$b$.$ Prepare the Journal entrles 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.

Complete this question by entering your answers in the tabs below.

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.

Journal entry worksheet

Record the sale of $200$ units with a list price of $$550,$ a $25\%$ trade discount $($if

applicable$),$ with terms of $\frac{2}{10},\frac{n}{30}$ under the net method.

Note: Enter debits before credits.