Required information [The following information applies to the questions displayed below.] On July 15, 2021, the Nixon Car Company purchased 1,600 tires from the Harwell Company for $40 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. 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. Answer is not complete. 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.) No 1 Date July 15, 2021 Inventory Accounts payable 2 July 23, 2021 Accounts payable Cash General Journal Debit Credit 62,720 62,720 62,720 x 62,720 Required information [The following information applies to the questions displayed below.] On July 15, 2021, the Nixon Car Company purchased 1,600 tires from the Harwell Company for $40 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. 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. Answer is not complete. 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.) No Date General Journal 1 August 15, 2021 Accounts payable Inventory Cash Debit Credit 62,720 1,280 64,000