On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms ofthe sale were 2/10, ¹/30 . Niche uses a perpetual inventory system and the net method of accounting for purchasediscounts. 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.No1DateAugust 15, 2024Accounts payableCashGeneral JournalDebitCredit

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Description: On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms ofthe sale were 2/10, ¹/30 . Niche uses a perpetual inventory system and the net method of accounting for purchasediscounts. Prepare the

(1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

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On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10, 1/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.

On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10, 1/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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