(a) Prepare the journal entries to record these transactions on the books of Wheeler Company using a perpetual inventory system.

(a) Prepare the journal entries to record these transactions on the books of Wheeler Companyusing a perpetual inventory system.(b) Assume that Wheeler Company received the balance due from Hashmi Co. on January 2 ofthe following year instead of December 13. Prepare the journal entry to record the receipt ofpayment on January 2.