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Super Shirt Wholesalers spent $15,100 to produce 1,000 shirts as inventory. Niagara Gift Shop Retailers paid $20,100 for the 1,000 shirts from Super Shirt Wholesalers

Super Shirt Wholesalers spent $15,100 to produce 1,000 shirts as inventory. Niagara Gift Shop Retailers paid $20,100 for the 1,000 shirts from Super Shirt Wholesalers on November 1, 2016. Payment is due in one month. Assume both companies use the perpetual inventory system.

Required

a) Prepare the journal entry for Niagara Gift Shop Retailers on November 1.

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