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On July 15, 2021, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10,
On July 15, 2021, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 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. and the July 23 The July 15 entry would include debit to the entry would include a credit to the account instead of to account instead of to
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