Return Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,400 tires to the Nixon Car Company for $90 each. The terms of the sale were 3/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment 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 sale on July 15 (ignore cost of goods) and payment 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 July 15, 2021 Accounts receivable Debit 126,000 Credit < Prev 3 of 10 Next > Return Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,400 tires to the Nixon Car Company for $90 each. The terms of the sale were 3/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment 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 sale on July 15 (ignore cost of goods) and payment 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 July 15, 2021 Accounts receivable Debit 126,000 Credit < Prev 3 of 10 Next >