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

Acquired $$13,500$ cash from the issue of common stock.

Purchased inventory for $$5,200$ cash.

Sold inventory costing $$3,120$ for $$5,304$ cash.

Paid $$650$ 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.