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 $15,000 cash from the issue of common stock.
2. Purchased inventory for $6,600 cash.
3. Sold inventory costing $3,960 for $6,732 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.

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.) uts View transaction list Skipped Journal entry worksheet eBook Print 1, 2 3 4 5 eferences 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 C aw 11 Prev 1 of 3 Next > 11 fobi Saved Required A Required B Required C Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, se required" in the first account field.) View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Event General Journal Debit Credit 3b