On July 15, 2024, the Niche Car Company purchased 1,300 tires from the Treadwell Company...
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Accounting
On July 15, 2024, the Niche Car Company purchased 1,300 tires from the Treadwell Company for $60 each. The terms of the sale were 4/10, n/30. Niche uses a perpetual inventory system and the gross method of accounting for purchase discounts.
Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024.
Record payment of July 15 purchase.
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