Aequired informatien

Exercise $7-5($Static$)$ Trade and cash discounts; the gross method and the net method compared $[$LO$7\mathrm{.}3]$

$[$The following information applies to the questions dispisyed beliow;

Tracy Compong a mandacturer of air conditioners, sold $100$ units to Thomas Company on November $17,2024.$ The units

have a list price of $$600$ esch. but Thomas was given a $30$ trade discount. The serms of the sale were $\frac{2}{10}.\frac{5}{30}$

Exercise $7\mathrm{.}5($Static$)$ Part $3$

$3-$a$.$ Prepare the journal eneries bo record the sale on November $17($ighore cost of goods$)$ and collection on November $26,2024$

assuming that the net method of accounting for cash discounts is used

$3.$b$.$ Prepore the joumal entries vo record the sale on November $17($jgnore cost of goods$)$ and collection on December $15,2024,$

assuming that the net method of accouming for cash discounts is used.

Complete this question by entering your answers in the tals below.

Prepare the joumal enteries to record the sale on November $17($iguere cost of goods$)$ and collection on November $26.2024,$ assuming

that the net method of acoounting for canh discounts is used.

Journal entry worksheet

$2$

Record the asle of $100$ unita writh a lint price of $$600,$ a $30\%$ trade dacount $($f

applicabie$),$ with terms of $\frac{2}{10}.$ W$/30$ under the net method.

ineg $30$

Prepare the journal entries to record the sale on November $17($ignere cost of goods$)$ and cellection on December $15,2024,$ assuming

that the net method of accounting for cash discounta is used.

Notes If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Virw trantaction lint

Journal entry worksheet

$2$

Record the sale of $100$ units with a lat price of $5600,$ a $30\%$ trade diacount $($t$)$

applicable$),$ with terms of $\frac{2}{10},$ n$/30$ under the net method.