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 $17,000 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $850 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. Complete this question by entering your answers in the tabs below. 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.) 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 Journal entry worksheet 2 3 4 5 Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal 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 $ 0 $