go.3 !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 ofthe sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchasediscounts.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 1Required 2Prepare 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.NoDate1July 15, 2024InventoryAccounts payable2July 23, 2024Accounts payableInterest expenseCashGeneral JournalDebit88,2001,800Credit 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 ofthe sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchasediscounts.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 2Prepare 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, 2024General JournalInventoryCash< Required 1Required 2 >Debit88,2001,800Credit

The perpetual inventory system is the method of valuing inventory where the inventory and cost of…

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. equired: 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.