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On July 15, 2021, the Nixon Car Company purchased 1,800 tires from the Harwell Company for $45 each. The terms of the sale were 2/10.

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On July 15, 2021, the Nixon Car Company purchased 1,800 tires from the Harwell Company for $45 each. The terms of the sale were 2/10. n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. 3. If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2 The July 15 entry would include a debit to the entry would include a credit to the Inventory account instead of to -ccount instead of to Purchases Purchase discou Accounts payable Inventory Purchase discounts Purchases The July 15 entry would include a debit to the entry would include a credit to the Accounts payable Inventory account instead of to account instead of to Purchases Purchase discou Accounts payable Inventory Purchase discounts Purchases Purchases and the July 23 account instead of to account instead of to ARHIAR Accounts payable Inventory Purchase discounts Purchases account instead of to account instead of to and the July 23 Purchase discounts Accounts payable Inventory Purchase discounts Purchases

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