Question: On July 1 5 , 2 0 2 4 , the Niche Car Company purchased 1 , 0 0 0 tires from the Treadwell Company

On July

15, 2024,

the Niche Car Company purchased

1, 000

tires from the Treadwell Company for $

50

each. The terms of the sale were

2 / 10,

/ 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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