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On July 15, 2021, the Nixon Car Company purchased 2,800 tires from the Harwell Company for $35 each. The terms of the sale were 2/10, n/30. Nixon uses a perpetual 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, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021.

Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record payment of July 15 purchase. Note: Enter debits before credits. Date Debit Credit July 23, 2021 98,000 General Journal Accounts payable Cash Inventory 96,040 1,960 Record entry Clear entry View general journal 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 Journal entry worksheet Record purchase of tires. Note: Enter debits before credits. Date Debit Credit July 15, 2021 General Journal Inventory Accounts payable 98,000 98,000 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record payment of July 15 purchase. Note: Enter debits before credits. Date General Journal Debit Credit August 15, 2021 98,000 Accounts payable Cash 98,000 Record entry Clear entry View general journal