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

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EB: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...

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On July 15, 2024, the Niche Car Company purchased 2,700 tires from the Treadwell Company for $30 each. The terms of the sale were 3/10. n/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.
On July 15, 2021, the Nixon Car Company purchased 2,800 tires from the Harwell Company for $35 each. The terms of the sale were 2/10, n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. a. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021.b. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. c.If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2. The July 15th entry would include a debit to the ________ account instead of to ___________.
On July 15, 2021, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts.Required:1. Prepare the journal entries to record the (a) purchase on July 15 and (b) payment on July 23, 2021.2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021.3. If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2.
On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. Theterms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the gross method of accounting forpurchase discounts.Required:1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018.2. Prepare the journal entry to record the payment on August 15, 2018.3. If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created inrequirements 1 and 2.
! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/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 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. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…
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Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the purchase. Note: 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 < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journal