Exercise 4-4A 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:

1. Acquired $17,500 cash from the issue of common stock.
2. Purchased inventory for $5,500 cash.
3. Sold inventory costing $3,300 for $5,610 cash.
4. Paid $600 for advertising expense.

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.

Required A Required B Required C 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.) View transaction list 1 Record entry for issuance of common stock. > 2 Record the entry of inventory purchased for cash. 3 Record sale of inventory for cash. 4 Record entry for cost of goods sold. 5 Record entry for advertising expenses paid. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Post each of the entries to T-accounts. Cash Merchandise Inventory Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Sales Revenue Beg. Bal. Beg. Bal. End. Bal End. Bal Cost of Goods Sold Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a trial balance to prove the equality of debits and credits. MILO CLOTHING Trial Balance December 31, Year 1 Account Titles Debit Credit Totals