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Tracy Company, a manufacturer of air conditioners, sold 180 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system.

3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts.

• Req 3A
• Req 3B

Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. (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	November 17, 2021	Inventory	66,150
		Accounts payable		66,150

Item4

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• Req 3A
• Req 3B

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.)

Journal entry worksheet

• Alternatively, record payment on December 15 using the net method of accounting for purchase discounts.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 15, 2021	Accounts payable	66,150
	No journal entry required

Part 2 of 2

Tracy Company, a manufacturer of air conditioners, sold 180 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system.

3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts.