The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one month. Both companies use the perpetual inventory system.

Do not enter dollar signs or commas in the input boxes.

a) Prepare the journal entry for Worn Star Shirt Retailers on January 9. b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first. \begin{tabular}{|c|c|c|c|} \hline Date & Account Title and Explanation & Debit & Credit \\ \hline \multicolumn{4}{|l|}{2018} \\ \hline \multirow[t]{3}{*}{Jan9} & & & \\ \hline & & & \\ \hline & Sold inventory on account & & \\ \hline \multirow[t]{3}{*}{Jan9} & & & \\ \hline & & & \\ \hline & COGS for the sale & & \\ \hline \end{tabular}