! Required information Exercise 8-9 (Algo) Purchase discounts; the gross method (LO8-3] [The following information applies to the questions displayed below.) On July 15, 2021, the Nixon Car Company purchased 2,900 tires from the Harwell Company for $25 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 Exercise 8-9 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list ! Required information Exercise 8-9 (Algo) Purchase discounts; the gross method [LO8-3] [The following information applies to the questions displayed below.) On July 15, 2021, the Nixon Car Company purchased 2,900 tires from the Harwell Company for $25 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 Exercise 8-9 (Algo) Part 3 3. If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2. account instead of to and the July 23 The July 15 entry would include a debit to the entry would include a credit to the account instead of to