Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $15,000 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 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.

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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 $6,900 cash.
3. Sold inventory costing $4,140 for $7,038 cash.
4. Paid $700 for advertising expenses.

Required b. Post each of the entries to T-accounts