PLEASE HELP AND EXPLAIN EACH STEP (especially how to get the cash on November 26). ALL ONE QUESTION PLEASE HELP WILL GIVE THUMBS UP IF FULLY ANSWERED

Check my work Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07. 3] [The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021 The units have a list price of $470 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30 Exercise 7-5 (Algo) Part-1 Required: 1. Prepare the journal entries to record the sale on November 17 (gnore 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. Prev 1 2 of 6 Next > Submit 1 Check my work Required information Journal entry worksheet of 2 Record the sale of 200 units with a list price of $470, a 25% trade discount applicable), with terms of 2/10, 1/30 under the gross method BOK Note: Enter debts before credits Debit Credit Date General Journal November 17, 2021 Accounts receivable 70,500 70.500 3 Check my work Required information Journal entry worksheet 1 of 2