Required information The following information applies to the questions displayed below) Pont 2 of 2 Tracy...
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, 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. n/30 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...
Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26. 2021, assuming that the net method...
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, 2021. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, 1/30. 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...
wwwy www [The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26,...
Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30 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...
same question 4 different parts Required information [The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of the sale were 3/10,n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021,...
Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17, 2021. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. 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 discounts is used. 2. Prepare the journal...
Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 240 units to Thomas Company on November 17, 2021. The units have a list price of $350 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and...
Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November...
Required information Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2018. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of the sale were 3/10, 1/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare...