Tracy Company, a manufacturer of air conditioners, sold 190 units to Thomas Company on November 17, 2021. The units have a list price of $300 each, but Thomas was given a 20% trade discount. The terms of the sale were 4/10, 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 December 15, 2021 using the net method of accounting for purchase discounts.

Please see explanation column for answer.

Explanation:

Net purchase per unit =  List price per unit - Trade discount

             $300 - ( 300 x 20 %) =  300- (300 x 0.2)= 300 -60= $240

Total purchase amount = Number of units x Net purchase per unit

                                            190 x 240=  $45,600

Discount from purchase = Total purchase amount x  discount percentage/ 100

=45,600 x 4/100=  $1,824

Cash =  $45,600

Discount = $1,824

Accounts payable = $43,776

Using the net method of accounting for purchase discounts.

 A)Journal entries to record the purchase by Thomas on November 17, 2021

Account                            Debit                Credit

Purchases                   $43,776

Account Payable                                      $43,776

B)Journal entries to record the payment by Thomas on November 26, 2021

Account                            Debit                Credit

Account Payable           $43,776

Cash                                                       $43,776

C)Journal entries to record the payment by Thomas on December 15, 2021

Account                            Debit                Credit

Account Payable           $43,776

Interest expense          $   $1,824

Cash                                                             $45,600                                      

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