On July 15, 2016, the Nixon Car Company purchased 1,200 tires from the Harwell Company for $55 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic 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, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first -Record Purchase of Tires -Record Paymet of July 15 Purchase 2. Prepare the journal entry to record the payment on August 15, 2016. Record Payment of July 15 Purchase