Tracy Company, a manufacturer of air conditioners, sold 120 units to Thomas Company on November 17, 2016. The units have a list price of $750 each, but Thomas was givena 20% trade discount. The terms of the sale were 2/10, n30. 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2016, assuming that the gross method of accounting for cash discounts is used. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet Record the sale of 120 units with a list price of $750, a 20% trade discount (if applicable), with terms of 2/10, r/30 under the gross method. Note: Enter debits before credits Debit Credit Prex 1 of 4lE Next> MacBook Air 20 888 a - Fo 2 3 4 Tracy Company, a manufacturer of air conditioners, sold 120 units to Thomas Company on November 17, 2016. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (gnore cost of goods) and collection on November 26, 2016, assuming that the gross method of accounting for cash discounts is used. (If no entry Is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list Journal entry worksheet Record the cash collection on November 26. Note: Enter debits before credits General Journal Debit Credit November 26, 2016 Prey 1 of4Next> MacBook Air 0 FS 8 2 3 4 8