Q20. On September 1, Nordstroms begins the new month with 500 pairs of Levi's jeans in inventory. The jeans are valued at $22 per pair or $11,000 total. The company uses FIFO in accounting for it's inventory.

On September 6, Nordstroms buys 1,500 pairs of Levi's jeans @ $28 per paid for $42,000. These jeans are intended for resale to Amazon customers. Nordstrom purchases these jeans on account and will repay the supplier in 30 days.

On September 15, Nordstrom sells 1,000 pairs of Levi's jeans to customers for $45 per pair. All customers pay cash.

Prepare all necessary journal entries to record the September 6 and September 15 transaction. Please format your answer as follows: Ex: Nordstroms borrows $100 of cash from a bank. +100 Cash (+asset) and +100 Note Payable (+liability)