The Only Shirt Wholesalers spent $16,900 to purchase 1,000 shirts from a shirt manufacturer as inventory. Hip Hop Shirt Retailers purchased 1,000 shirts for $21,900 from The Only Shirt Wholesalers on August 13, 2019. Payment is due on September 13. 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 Hip Hop Shirt Retailers on August 13. Date 2019 Aug 13 Account Title and Explanation O Debit Credit Purchased inventory b) Prepare the journal entries for The Only Shirt Wholesalers on August 13. Record the revenue transaction first. Date 2019 Account Title and Explanation Debit Credit Aug 13 Aug 13 Sold inventory on account O Cost of goods sold for above sale