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Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $16,500 cash from the issue of common stock. Purchased inventory
Milo Clothing experienced the following events during Year 1, its first year of operation:
- Acquired $16,500 cash from the issue of common stock.
- Purchased inventory for $6,900 cash.
- Sold inventory costing $4,140 for $7,038 cash.
- Paid $700 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.
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