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Required information

Exercise $7-5($Algo$)$ Trade and cash discounts; the gross method and the net method compared $[$LO$7-3]$

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Tracy Company, a manufacturer of air conditioners, sold $125$ units to Thomas Company on November $17,2024.$ The units have a list price of $$720$ each, but Thomas was given a $30\%$ trade discount. The terms of the sale were $\frac{2}{10},\frac{n}{30}.$