Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10,n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23,2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Complete this question by entering your answers in the tabs below. 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 feld. Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10,n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. equired: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23,2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Complete this question by entering your answers in the tabs below. 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 jourmal entry required" in the first account feld. Journal entry worksheet Record payment of July 15 purchase. Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10,n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discount5. equired: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23,2024. 2. Prepare the joumal entry for the payment, assuming instead that it was made on August 15, 2024. Complete this question by entering your answers in the tabs below. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account feld. Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10,n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. If Niche instead uses a periodic inventory system, explain any changes to the journal entries created in Parts 1 and 2
