On July 15, 2024, the Niche Car Company purchased 1,600 tires from the Treadwell Company for...

 

Transcribed Image Text:

On July 15, 2024, the Niche Car Company purchased 1,600 tires from the Treadwell Company for $40 each. The terms of the sale were 2/10. "/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 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. 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, 2024. Note: 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, 2024 Accounts payable Cash Inventory Debit Credit 62,720 62,720x On July 15, 2024, the Niche Car Company purchased 1,600 tires from the Treadwell Company for $40 each. The terms of the sale were 2/10. "/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 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. 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, 2024. Note: 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, 2024 Accounts payable Cash Inventory Debit Credit 62,720 62,720x