ces ! Required information [The following information applies to the questions displayed below] 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 2/10, "/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit Prev 4 5 of 8 Next >
ces ! Required information [The following information applies to the questions displayed below] 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 2/10, "/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit Prev 4 5 of 8 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![es
Required information
[The following information applies to the questions displayed below.]
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 2/10, 1/30.
3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024,
assuming that the net method of accounting for cash discounts is used.
3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024,
assuming that the net method of accounting for cash discounts is used.
Complete this question by entering your answers in the tabs below.
Req 3A
Req 3B
Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming
that the net method of accounting for cash discounts is used.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
View journal entry worksheet
No
Date
November 17,
General Journal
1
Accounts receivable
2024
Sales revenue
Debit
Credit
S
Prev
4
5
of 8
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3a09e67-a690-49ce-b1e7-4c6c1e736e1b%2F2a6a01e1-bd85-4ef4-a669-d456eefb28e3%2Foo3cw1k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Required information
[The following information applies to the questions displayed below.]
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 2/10, 1/30.
3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024,
assuming that the net method of accounting for cash discounts is used.
3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024,
assuming that the net method of accounting for cash discounts is used.
Complete this question by entering your answers in the tabs below.
Req 3A
Req 3B
Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming
that the net method of accounting for cash discounts is used.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
View journal entry worksheet
No
Date
November 17,
General Journal
1
Accounts receivable
2024
Sales revenue
Debit
Credit
S
Prev
4
5
of 8
Next >
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