Tracy Company, a manufacturer of air conditioners, sold $150$ units to Thomas Company on November $17,2024.$ The units have a list price of $$760$ each, but Thomas was given a $25\%$ trade discount. The terms of the sale were $2/10,$ n$/30$

Required:

$1.$ Prepare the journal entries to record the sale on November $17($ignore cost of goods$)$ and collection on November $26,2024,$ 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 $15,2024,$ assuming that the gross method of accounting for cash discounts is used.

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1 Prepare the journal entries to record the sale on November 17 and collection on Novembe... View the full answer