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Georgia Restaurant bought $17,300 of food inventory from Great Wholesalers on June 23,2021. Great Wholesalers...

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Accounting

Georgia Restaurant bought $17,300 of food inventory from Great Wholesalers on June 23,2021. Great Wholesalers cost of the food was $12,300. Payment is due on July 23. 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 Georgia Restaurant on June 23.
Date Account Title and Explanation Debit Credit
2021
Jun 23 Answer
Answer
Answer
Answer
Purchased inventory
b) Prepare the journal entries for Great Wholesalers on June 23. Record the revenue transaction first.
Date Account Title and Explanation Debit Credit
2021
Jun 23 Answer
Answer
Answer
Answer
Sold inventory on account
Jun 23 Answer
Answer
Answer
Answer
Cost of sales for above sale

Answer & Explanation Solved by verified expert
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