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On July 15,2024, the Niche Car Company purchased 2,400 tires from the Treadwell Company for...

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Accounting

On July 15,2024, the Niche Car Company purchased 2,400 tires from the Treadwell Company for $35 each. The terms of the sale were 210,n30. Niche uses a perpetual inventory system and the gross method of accounting for purchase discounts.
Exercise 8-9(Algo) Part 3
3. If Niche instead uses a periodic inventory system, explain any changes to the journal entries created in Parts 1 and 2.
\table[[The July 15 entry would include a debit to the,laccount instead of to],[The July 23 entry would include a credit to the,]]
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