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…

Business

Accounting

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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