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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 $$650$ each, but Thomas was given a $30\%$ trade discount. The terms of the sale were $\frac{3}{10}.\frac{n}{30}.$

Exerclse $7-5($Algo$)$ Parts $1$ and $2$

Requlred:

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.

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.

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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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.