Tracy Company, a manufacturer of air conditioners, sold $100$ units to Thomas Company

on November $17,2021.$ The units have a list price of $$800$ each, but Thomas was given a

$25\%$ trade discount. The terms of the sale were $\frac{2}{10},\frac{n}{30}.$

Exercise $7-5($Algo$)$ Part $-1$

Required:

Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on

November $26,2021,$ 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 $15,2021,$ assuming that the gross method of accounting for cash discounts is used.