Take me to the text On May 15, 2016, Borealis Grill and Bar purchased $2,700 worth...

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Take me to the text On May 15, 2016, Borealis Grill and Bar purchased $2,700 worth of food inventory on account. On May 17, Borealis Grill and Bar used all of the food inventory to make meals which were sold for $3,900 cash. Borealis Grill and Bar uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. For the sale of inventory transactions, enter the revenue transaction first. Required Prepare the journal entries for Borealis Grill and Bar on May 15 and 17 respectively. Date 2016 Account Title and Explanation May 15 = May 17 May 17 Purchased inventory on account Sold meals in restaurant Record cost of sales = 1 = Debit Credit Take me to the text On May 15, 2016, Borealis Grill and Bar purchased $2,700 worth of food inventory on account. On May 17, Borealis Grill and Bar used all of the food inventory to make meals which were sold for $3,900 cash. Borealis Grill and Bar uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. For the sale of inventory transactions, enter the revenue transaction first. Required Prepare the journal entries for Borealis Grill and Bar on May 15 and 17 respectively. Date 2016 Account Title and Explanation May 15 = May 17 May 17 Purchased inventory on account Sold meals in restaurant Record cost of sales = 1 = Debit Credit