accounting practice 12

On July 15, 2021, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10,n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) General Journal No 1 Credit Date July 15,2021 Debit 50.000 Inventory Accounts payablo O 50,000 3 2 July 23, 2021 50.000 Accounts payable Inventory Cash @ @ 1,000 49,000 Diado On July 15, 2021, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10,n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry for the payment, assuming Instead that it was made on August 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Dobit Credit