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 $30,000 cash from the issue of common stock. 2. Purchased inventory for $15,000 cash. 3. Sold inventory costing $9,000 for $20,000 cash. 4. Paid $1,500 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. Complete this question by entering your answers in the tabs below. 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.) 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 i required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 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 Required A Required B Required C Post each of the entries to T-accounts. Cash Merchandise Inventory Beg. Bal. I Beg. Bal. End. Bal. End. Bal. Common Stock Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of Goods Sold Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. < Required A Required c > Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a trial balance to prove the equality of debits and credits. MILO CLOTHING Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $ 0 $ < Required B Required c )
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