Hi,please help with questions, thanks much. Required InformationExercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3][The following information applies to the questions displayed below.]Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The unitshave a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30.Exercise 7-5 (Algo) Part - 23-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021,assuming that the net method of accounting for cash discounts is used.3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021,assuming that the net method of accounting for cash discounts is used.Complete this question by entering your answers in the tabs below.Req 3AReq 3BPrepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assumingthat the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet< 1 2Record the sale of 200 units with a list price of $450, a 30% trade discount (ifapplicable), with terms of 3/10, n/30 under the net method.Note: Enter debits before credits.DateNovember 17, 2021Record entryGeneral JournalClear entryDebitCreditView general journal Required InformationExercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3][The following information applies to the questions displayed below.]Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The unitshave a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30.Exercise 7-5 (Algo) Part - 23-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021,assuming that the net method of accounting for cash discounts is used.3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021,assuming that the net method of accounting for cash discounts is used.Complete this question by entering your answers in the tabs below.Req 3APrepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assumingthat the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listReq 3BJournal entry worksheet<1 2Record the sale of 200 units with a list price of $450, a 30% trade discount (ifapplicable), with terms of 3/10, n/30 under the net method.Note: Enter debits before credits.DateNovember 17, 2021Record entryGeneral JournalClear entryDebitCreditView general journal

Using net method, the sales discount is recorded at the time of sales transaction. The sales and…

Required Information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 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 3/10, n/30. Exercise 7-5 (Algo) Part-2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used.

Required Information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 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 3/10, n/30. Exercise 7-5 (Algo) Part-2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 6P

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