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On July $15,2024,$ the Niche Car Company purchased $1,100$ tires from the Treadwell Company for $$50$ each. The terms of the sale were $\frac{3}{10},\frac{n}{30}.$ Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.

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 $15,2024.$

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

if niche instead uses a periodic inventory system, explain any changes to the journal entries created in part $1$ and $2$