Required information Exercise 8-10 (Algo) Purchase discounts; the net method (LO8-3) [The following information applies to the questions displayed below.) On July 15, 2021, the Nixon Car Company purchased 1,700 tires from the Harwell Company for $50 each. The terms of the sale were 3/10, n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. Exercise 8-10 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Che the sale were 3/10, 1/30. NIXOn uses a perpetual inventory system ana tne ner method of accounting for purchase discounts. Exercise 8-10 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record purchase of tires. 2 Record payment of July 15 purchase. Exercise 8-10 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. 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, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record payment of July 15 purchase