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Chapter 8 Exercises Sed Help Sa 4 Part 1 of 2 Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3) [The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 240 units to Thomas Company on November 17, 2021. The units have a list price of $350 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10, 1/30, Thomas uses a perpetual inventory system 25 Doint Shipped Exercise 8-11 (Algo) Parts 1 and 2 Bo Print Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts 2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2021 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lit Chapter 8 Exercises Saved Help 5 Part 2 of 2 Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3) The following information applies to the questions displayed below! Tracy Company, a manufacturer of air conditioners, sold 240 units to Thomas Company on November 17, 2021. The units have a list price of $350 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10,n/30 Thomas uses a perpetual inventory system 2.5 points Exercise 8-11 (Algo) Part 3 Print 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. References Complete this question by entering your answers in the tabs below. Reg Reg 38 Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet