Prepare the journal entry to record the payment on august

Reference no: EM131891289

Problem

On July 15, 2016, the Nixon Car Company purchased 1,200 tires from the Harwell Company for $55 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic 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, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first

-Record Purchase of Tires

-Record Paymet of July 15 Purchase

2. Prepare the journal entry to record the payment on August 15, 2016.

Record Payment of July 15 Purchase.

Reference no: EM131891289

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