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tracy company, a manufacturer of air conditioners, sold 200 units to thomas company on november 17, 2021. the units have a list price of 350
tracy company, a manufacturer of air conditioners, sold 200 units to thomas company on november 17, 2021. the units have a list price of 350 each, but thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Prepare the journal entries to record the purchase by thomas on november 17 and payment on november 26, 2021. Thomas uses the gross method of accounting for purchase discounts. Prepare the journal
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