Return to queste 2 Required Information Exercise 7-5 (Algo Trade and cash discounts; the gross method and the net method compared LOZ- 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 $520 each, but Thomas was given a 25 trade discount. The terms of the sale were 2/10, 1/30 Exercise 7-5 (Algo) Part-1 Required: 1. Prepare the journal entries to record the sale on November 17 ignore cost of goods and collection on November 26, 2021 assuming that the gross method of accounting for cash discount 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field) Show less General Journal Credit November 17 Accounts receivable 76.4408 Sales revenue 76.440X No Date Debit 1 2 November 20 Cash 76,4430 Accounts receivable 76.440X Reg 2 > CP NE