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Tracy Company, a manufacturer of air conditioners, sold 230 units to Thomas Company on November 17, 2021. The units have a list price of $450

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Tracy Company, a manufacturer of air conditioners, sold 230 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 4/10, 1/30 Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross 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.) View transaction list View journal entry worksheet Debit Credit General Journal No Date November 17 2021 1 Purchases Journal entry worksheet 1 2 Record the purchase of air conditioners. Note: Enter debits before credits. Debit Credit General Journal Date November 17 2021 Purchases Accounts payable View general journal Clear entry Record entry View transaction list Journal entry worksheet

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