Answer:
Martinez Company
Dr Inventory $1,330
Cr Accounts Payable $1,330
Monty Corp
Dr Accounts Receivable $1,330
Cr Sales Revenue $1,330
Dr Cost of Goods Sold $980
Cr Inventory $980
Explanation:
Preparation of the journal entries on the books of both companies
Martinez Company
Dr Inventory $1,330
Cr Accounts Payable $1,330
Monty Corp
Dr Accounts Receivable $1,330
Cr Sales Revenue $1,330
Dr Cost of Goods Sold $980
Cr Inventory $980
