Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 20% 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.

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.)

Journal entry worksheet 1 2 N Record the purchase of air conditioners. Note: Enter debits before credits. General Journal Debit Credit Date November 17 2021 Record entry Clear entry View general journal Journal entry worksheet Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Note: Enter debits before credits. General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general journal