The following information applies to the questions displayed below. 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 2/10*^ n /30 3 -a. 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. 3 -b. Prepare the journal entries 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 Req 3A Req 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 requiredin the first account field.

Mountain High Ice Cream Company reports under IFRS, Mountain High transferred $70,000 of accounts recelvable to the Prudential Bank. The transfer was made with recourse. Prudential remits 80% of the factored amount to Mountain High and retains 20% to cover sales returns and allowances. When the bank collects the recelvables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,000). Mountain High anticipates a $4,000 recourse obligation. The bank charges a 1\% fee (1\% of $70,000), and requires that amount to be paid at the start of the factoring arrangement. Mountain High has transferred control over the recelvables, but determines that it still retains substantially all risks and rewards associated with them. Required: Prepare the journal entry to record the transfer on the books of Mountain High, considering whether the sale criteria under IFRS have been met. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field