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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 $16,500 cash from the issue of common stock.
2. Purchased inventory for $6,300 cash.
3. Sold inventory costing $3,780 for $6,426 cash.
4. Paid $950 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.

(What is missing as I keep getting answer is not complete)

Answer is not complete. 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.) No General Journal Credit Event 01 Debit 16,500 Cash Common stock 16,500 2 02 6,300 Merchandise inventory Cash 6,300 Ba 6,426 Cash Sales revenue 6,426 4 3b 3,780 Cost of goods sold Merchandise inventory 3,780 04 950 Advertising expense Cash 950 1 2. I UICIASCU HIVCI LUI TUI DU,JUU LASI. 3. Sold inventory costing $3,780 for $6,426 cash. 4. Paid $950 for advertising expense. 1 points 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. Answer is not complete. 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. ............................................................................................ Credit MILO CLOTHING Trial Balance December 31, Year 1 Account Titles Debit Cash $ 15,676 Merchandise inventory 2.520 Common stock Sales revenue Cost of goods sold 3,780 Advertising expense 950 Totals $ 22,926 OOOOOO 16,500 6,426 $ 22,926

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