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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.
Indicate the account names and adjusted balances that should be reported on Jaworski's year-end balance sheet and income statement.
Classify the cash flows from these transactions as operating activities (OA), investing activities (IA), or financing activities (FA). Use NA for transactions that do not affect the statement of cash flows.
powers rental service had the following items that require adjustment at year end.a. earned 9880 of revenue from the
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