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Inga [223]
4 years ago
15

Milo Clothing experienced the following events during 2016, its first year of operation: 1. Acquired $12,000 cash from the issue

of common stock. 2. Purchased inventory for $5,600 cash. 3. Sold inventory costing $3,360 for $5,712 cash. 4. Paid $650 for advertising expense. Required a. 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.)
Business
1 answer:
Serga [27]4 years ago
5 0

Answer:

Explanation:

The four transactions  will be recorded in the general journal as follows:

1) Debit cash                 $12,000

             Credit common stock                       $12,000

(To record the sale of common stock)

2) Debit purchases                 $5,600

            Credit   cash                 $5,600

(To record purchase of inventory in cash)

3) Debit cash                 $5,712

           Credit sales                        $3,360

            Credit gross profit              $2,352

(To record the sale of inventory in cash)

4) Debit advertising expenses                   $650

          Credit cash                     $650

(To record the payment of advertising expenses in cash)

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4 0
1 year ago
At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It w
gtnhenbr [62]

The adjusting entry would recognise insurance expense of $1,500.

Explanation:

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4 0
3 years ago
As you and your partner report for duty, you check your ambulance and begin talking about the possibility of a terrorist attack.
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6 0
4 years ago
At the end of a recent​ year, Anderson Cleaning​ Service, a​ full-service house and office cleaning​ service, had total assets o
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Answer:

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Explanation:

Basing on accounting equation:

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Anderson Cleaning​ Service's liabilities = Total asset - Equity  = $5,810 - $3,650 = $2,160

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3 years ago
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