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Maine Restaurant bought $19,900 of food inventory from Great Wholesalers on March 22, 2021. Great Wholesalers cost of the food was $14,900. Payment is due
Maine Restaurant bought $19,900 of food inventory from Great Wholesalers on March 22, 2021. Great Wholesalers cost of the food was $14,900. Payment is due on April 22. 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 Maine Restaurant on March 22. Date Account Title and Explanation Debit Credit 2021 Mar 22 Answer Answer Answer Answer Purchased inventory b) Prepare the journal entries for Great Wholesalers on March 22. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2021 Mar 22 Answer Answer Answer Answer Sold inventory on account Mar 22 Answer Answer Answer Answer Cost of sales for above sale
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