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Prepare journal entry for Hip Hop Shirt Retailers on March

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Reference no: EM133150930

Question - Great Shirt Wholesalers spent $17,700 to purchase 1,000 shirts from a shirt manufacturer as inventory. Hip Hop Shirt Retailers paid $22,700 for the 1,000 shirts from Great Shirt Wholesalers on March 23, 2018. Payment is due in one month. Both companies use the perpetual inventory system.

Required -

a) Prepare the journal entry for Hip Hop Shirt Retailers on March 23.

b) Prepare the journal entries for Great Shirt Wholesalers on March 23. Record the revenue transaction first.

Reference no: EM133150930

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