Return to question Part 1 of 2 Required information Exercise 8-11 (Static) Trade and purchase discounts; the gross method and the net method compared (LO8-3) The following information applies to the questions displayed below.) points Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30 Thomas uses a perpetual inventory system. Exercise 8-11 (Static) Parts 1 and 2 Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required i Required 2 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Return to question Thomas uses a perpetual Inventory system. Exercise 8-11 (Static) Parts 1 and 2 Part 1 of 2 Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. points X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 December 15, 202 Accounts payable 35,000 Interest expense Cash 700 X 34,300 X