2 Record the cash collection on November 26.Note: Enter debits before credits.DateNovember 26, 2024 Cash1Sales discounts2DateGeneral JournalAccounts receivableRecord the sale of 200 units with a list price of $470, a 25% trade discount (ifapplicable), with terms of 2/10, n/30 under the gross method.Note: Enter debits before credits.General JournalNovember 17, 2024 Accounts receivableSales revenueDebitRequired information[The following information applies to the questions displayed below.]70,500Complete this question by entering your answers in the tabs below.CreditDebit70,50069,0901,4107Credit70,500Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2024. The unitshave a list price of $470 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, /30.Required:1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024,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, 2024,assuming that the gross method of accounting for cash discounts is used.

The journal entries are prepared to record the transactions on regular basis.Gross method of…

Required information [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, 2024. 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./30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the gross method of accounting for cash discounts is used.

Required information [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, 2024. 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./30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the gross method of accounting for cash discounts is used.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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