On July $15,2024,$ the Niche Car Company purchased $2,600$ tires from the Treadwell Company for $$35$ each. The terms of the sale were $\frac{2}{10},\frac{n}{30}.$ Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.

Exercise $8-10($Algo$)$ Parts $1$ and $2$

Required:

Prepare the journal entries to record the purchase on July $15$ and payment on July $23,2024.$

Prepare the journal entry for the payment, assuming instead that it was made on August $15,2024.$