Exercise 4-4A (Algo) Recording inventory transactions in the general journal and posting entries to T-accounts: Perpetual system LO 4-1

Milo Clothing experienced the following events during Year 1, its first year of operation:

Acquired $18,500 cash from the issue of common stock.

Purchased inventory for $5,800 cash.

Sold inventory costing $3,480 for $5,916 cash.

Paid $750 for advertising expense.

Required

Record the general journal entries for the preceding transactions.

Post each of the entries to T-accounts.

Prepare a trial balance to prove the equality of debits and credits.

Problem 4-28A (Algo) Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9

The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system.

Account Title	Balance
Sales returns and allowances	$ 8,700
Miscellaneous expense	870
Transportation-out	11,150
Sales	327,000
Advertising expense	11,900
Salaries expense	56,500
Transportation-in	6,550
Purchases	157,000
Interest expense	5,700
Merchandise inventory, January 1	18,700
Rent expense	19,750
Merchandise inventory, December 31	20,800
Purchase returns and allowances	3,050
Loss on sale of land	4,700
Utilities expense	11,100

Required a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement.

Required a. Record the general journal entries for the preceding transactions. b. Post each of the entries to T-accounts. c. Prepare a trial balance to prove the equality of debits and credits. Complete this question by entering your answers in the tabs below. Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Post each of the entries to T-accounts. a. Record the general journal entries for the preceding transactions. b. Post each of the entries to T-accounts. c. Prepare a trial balance to prove the equality of debits and credits. Complete this question by entering your answers in the tabs below. Prepare a trial balance to prove the equality of debits and credits. Exercise 4-20A (Algo) Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,700 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,300. At the end of the year, inventory on hand amounted to $3,900. Required a. Calculate the cost of goods available for sale during the year. b. Calculate the cost of goods sold for the year. c. Calculate the amount of inventory Rose Sporting Goods would report on the year-end balance sheet. Required a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Prepare a multistep income statement. (Enter amounts to be deducted and losses with a minus sign.) Prepare a single-step income statement. (Enter amounts to be deducted and losses with a minus sign.)