Please provide workings :) Required information [The following information applies to the questions...
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Required information [The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2021. The units have a list price of $400 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Journal entry worksheet Record the sale of 125 units with a list price of $400, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the gross method. Note: Enter debits before credits. General Journal Debit Credit Date November 17, 2021 Record entry Clear entry View general Journal Journal entry worksheet
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