Required information [The following information applies to the questions displayed below.] 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. Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2024. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10 "/30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 No 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Date General Journal November 17, 202 Accounts receivable Sales revenue Answer is not complete. Cash Sales discounts Accounts receivable Debit 72,000 70,560 X 1,440 Credit 72,000 72,000
Required information [The following information applies to the questions displayed below.] 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. Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2024. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10 "/30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 No 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Date General Journal November 17, 202 Accounts receivable Sales revenue Answer is not complete. Cash Sales discounts Accounts receivable Debit 72,000 70,560 X 1,440 Credit 72,000 72,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
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.
Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17,
2024. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of
the sale were 2/10/30 -
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required 2
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.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Date
General Journal
Credit
No
Required 1
1
November 17, 202 Accounts receivable
Sales revenue
Cash
Sales discounts
Accounts receivable
Debit
72,000
70,560
1.440
72,000
72,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe5213aea-34f8-4732-8870-716467e80992%2Fc27c4cde-4b85-4265-94b5-21cdbd6bef28%2Fthllwhf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
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.
Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17,
2024. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of
the sale were 2/10/30 -
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required 2
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.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Date
General Journal
Credit
No
Required 1
1
November 17, 202 Accounts receivable
Sales revenue
Cash
Sales discounts
Accounts receivable
Debit
72,000
70,560
1.440
72,000
72,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education