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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.
Apply the matching principle to determine how much salary expense Wilson Consulting should report in its May income statement.
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Lanny won $10 million at a casino 2 years ago and invested in mutual funds. When he married Judy last year, they signed prenuptial agreements. Then, in the current year, Lanny decided to give away some of his money. He made the following gifts: $100,..
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