Required information
The following information applies to the questions displayed below.
Tracy Company, a manufacturer of air conditioners, sold units to Thomas Company on November
The units have a list price of $ each, but Thomas was given a trade discount. The terms of
the sale were
Required:
Prepare the journal entries to record the sale on November ignore cost of goods and collection on November
assuming that the gross method of accounting for cash discounts is used.
Prepare the journal entries to record the sale on November ignore cost of goods and collection on December
assuming that the gross method of accounting for cash discounts is used.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Prepare the journal entries to record the sale on November ignore cost of goods and collection on November
assuming that the gross method of accounting for cash discounts is used.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.