On July $15,2024,$ the Niche Car Company purchased $1,900$ tires from the Treadwell Company for $$40$ each. The terms of the sale were $\frac{4}{10},\frac{n}{30}.$ Niche uses a perpetual inventory system and the gross 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.

View journal entry worksheet

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$July $15,2024,$Inventory,,$],[,,$Accounts payable,,$],[,,,,]]$