Tracy Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 3/10, n/30. Thomas uses a perpetual inventory system.

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.

1. Record the purchase of air conditioners.

2. Record payment on November 26 using the gross method of accounting for purchase discounts.

3a. 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.

3b. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts.

No General Journal Debit Credit 1 Date November 17, 202 Purchases Accounts payable 81,000 81,000 2 81,000 November 26, 202 Accounts payable Accounts receivable 81,000 No General Journal Debit Credit 1 Date December 15, 202 Cash Accounts receivable Req Reg 3B 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.) No Date General Journal Debit Credit 1 November 17, 202 Purchases Accounts payable