JUST INVENTORY IS CORRECT

Required information [The following information applies to the questions displayed below.] On July 15, 2021, the Nixon Car Company purchased 1,100 tires from the Harwell Company for $50 each. The terms of the sale were 3/10,n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2