Required informotion Exercise 7-5 (Static) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,2021. The units have a ist price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Exercise 7.5 (Static) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost af 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 colliection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used. Required information Exercise 7-5 (Static) Trade and cash discounts; the gross method and the net method compared [LO7-3] The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Exercise 7.5 (Static) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, 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. 2021, assuming that the net method of accounting for cash discounts is used