Homework SourseM inbox 215021yangaaltneyimmy Kimmel Guessas WhaxF Dasigner
M inbox (21,5021-yangaaltneyimmy Kimmel Guessas WhaxF Dasigner Clathes For Men on Connect CSecure https:l/newconnect.mhe ducation.comitlow/connect.ht Connect Quiz #3 Summer 2018 ) Help Save & Exit S Exercise 7-5 Trade and cash discounts; the gross method and the net method compared [LO7-3 Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomes Company on November 17, 2018. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms ofthe sale were 3/10, n30. 1. Prepare the journal entries to record the sale on November 17 lignore cost of goods) and collection on November 26, 2018, assuming that the gross method of accounting for cash discounts is used, 2. Prepare the journal entries to record the sale on November 17 fignore cost of goodsj and collection on December 15, 2018, assuming that the gross method of accounting for cash discounts is used. cBok 3-a. Prepare the journal entries to reord the sale on November 17 (ignore cost of goods) and collection on Novehber 26, 2018, 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, 2018, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 2 Req 3AReq 3B Prepare the journal entries to record the sala on Novamber 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the grass method af accaunting far cash discaunts is used, (2T no entry is required for a transaction/event, selost \"No journal entry required\" in the first account field.) Journal entry worksheet Recaru tne sale of 200 units with a list price of 56sa, a 30% trade discount (if applicable), with terms of 3v10, rV30 under the gross method. G Search or type URL 6 0 rof option command command option 
Solution
1 Nov-17 Accounts receivable 91000 (200*650*.7) Sales revenue 91000 Nov-26 Cash 88270 Sales discount 2730 (91000*3%) Accounts receivable 91000 2 Nov-17 Accounts receivable 91000 (200*650*.7) Sales revenue 91000 Dec-15 Cash 91000 Accounts receivable 91000 3 Net method Nov-17 Accounts receivable 88270 Sales discount 2730 (91000*.03) Sales revenue 91000 Nov-26 Cash 88270 Accounts receivable 88270 3b Nov-17 Accounts receivable 88270 Sales discount 2730 (91000*.03) Sales revenue 91000 Dec-15 Cash 91000 Sales discount 2730 Accounts receivable 88270