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Belinda Santos E 8-11 Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2013. 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 periodic inventory system. Required: 1. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2013, using the gross method of accounting for purchase disounts. 2. Prepare the journal entry to record the payment on December 15, 2013,using the gross method of accounting for purchase discounts. 3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts. P 8-1 James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $22,000 on October 12, 2013. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $500 were paid in cash. returned came from beginning inventory, not from the October 12 purchase. c. On October 31, James paid for the merchandise purchased on October 12. b. On October 18 the company returned merchandise costing $3,000. The return reduced the amount owed to the supplier. The merchandise d. During October merchandise costing $18,000 was sold on account for $28,000. e. It was determined that inventory on hand at the end of October cost $16,060 1. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. 2. Assuning that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. Belinda Santos P 8-22 On January 1,2013, the Haskins Company adopted the dollar value LIFO method for its one inventory…