On July 15, 2024, the Niche Car Company purchased 2,200 tires from the Treadwell Company for $45 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 2 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. General Journal Required 1 No 1 Date July 15, 2024 Inventory Accounts payable ›› Debit 99,000 Credit 99,000

On July 15, 2024, the Niche Car Company purchased 2,200 tires from the Treadwell Company for $45 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 2 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. General Journal Required 1 No 1 Date July 15, 2024 Inventory Accounts payable ›› Debit 99,000 Credit 99,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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Question

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On July 15, 2024, the Niche Car Company purchased 2,200 tires from the Treadwell Company for $45 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 2
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.
General Journal
Required 1
No
1
Date
July 15, 2024
Inventory
Accounts payable
30
Required 2 >
Debit
99,000
Credit
99,000

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.
General Journal
No
1
Date
August 15, 2024
Purchases
Accounts payable
< Required 1
Required 2 >
Debit
99,000 X
Credit
99,000

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