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On July 15,2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for...

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Accounting

On July 15,2024, the Niche Car Company purchased 2,600 tires from the Treadwell Company for $35 each. The terms of the sale were 210,n30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.
Exercise 8-10(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.
The July 15 entry would include a debit to the
account instead of to
image

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