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Prepare the journal entry for Hip Hop Shirt Retailers on May

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Reference no: EM132906333

Problem - The Only Shirt Wholesalers spent $10,200 to purchase 1,000 shirts from a shirt manufacturer as inventory. Hip Hop Shirt Retailers purchased 1,000 shirts for $15,200 from The Only Shirt Wholesalers on May 13, 2019. Payment is due on June 13. Both companies use the perpetual inventory system.

a) Prepare the journal entry for Hip Hop Shirt Retailers on May 13.

b) Prepare the journal entries for The Only Shirt Wholesalers on May 13. Record the revenue transaction first.

Reference no: EM132906333

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