The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one month. Both companies use the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry for Worn Star Shirt Retailers on January 9. Date Account Title and Explanation Debit Credit 2018 Jan 9 Show Transcribed Text Purchased inventory Jan 9 Jan 9 b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2018 ◆ Sold inventory on account Ć ◆ ◆

The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one month. Both companies use the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry for Worn Star Shirt Retailers on January 9. Date Account Title and Explanation Debit Credit 2018 Jan 9 Show Transcribed Text Purchased inventory Jan 9 Jan 9 b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2018 ◆ Sold inventory on account Ć ◆ ◆

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please do not give solution in image format ?.

The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt
Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one
month. Both companies use the perpetual inventory system.
Do not enter dollar signs or commas in the input boxes.
Required
a) Prepare the journal entry for Worn Star Shirt Retailers on January 9.
Date Account Title and Explanation
Debit
Credit
2018
Jan 9
Show Transcribed Text
Purchased inventory
Jan 9
b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first.
Date Account Title and Explanation
Debit
Credit
2018
Jan 9
Sold inventory on account
◆
COGS for the sale
◆
→
+

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