Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

very urgent hi you all guys are so greate thankyou so much u always help me. Take me to the text Great Shirt Wholesalers spent

image text in transcribed

image text in transcribed

very urgent hi you all guys are so greate thankyou so much u always help me.

Take me to the text Great Shirt Wholesalers spent $10,300 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers purchased 1,000 shirts for $15,300 from Great Shirt Wholesalers on August 1, 2019. Payment is due on September 1. 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 Worn Star Shirt Retailers on August 1. Date Account Title and Explanation Debit Credit 2019 Aug 1 Purchased inventory b) Prepare the journal entries for Great Shirt Wholesalers on August 1. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2019 Aug 1 Sold inventory on account Aug 1 . Cost of goods sold for above sale

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Guide For Beginners Understanding Fiduciary Responsibilities

Authors: Oren Rohleder

1st Edition

B0B1M56DMY, 979-8829314019

More Books

Students also viewed these Accounting questions

Question

demonstrate the importance of induction training.

Answered: 1 week ago