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The Only Shirt Wholesalers spent $$9,700$ to purchase $1,000$ shirts from a shirt manufacturer as inventory. Worn Star Retailers paid $$14,700$ for the $1,000$ shirts from The Only Shirt Wholesalers on August $5,2022.$ Payment is due on September $15.$ Both companies use the perpetual inventory system.

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a$)$ Prepare the journal entry for Worn Star Retailers on August $5.$

$\backslash$table$[[$Date$,$Account Title and Explanation,Debit,Credit$],[2022,,,],[$Aug $5,,,],[,,,],[,,,]]$

b$)$ Prepare the journal entries for The Only Shirt Wholesalers on August $5.$ Record the revenue transaction first.

$\backslash$table$[[$Date$,$Account Title and Explanation,Debit,Credit$],[2022,,,],[$Aug $5,,,],[,,,],[,,,],[$Aug $5,,,],[,,,],[,,,],[,,,]]$