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Milo Clothing experienced the following events during Year 1, its first year of operation: ...

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Accounting

Milo Clothing experienced the following events during Year 1, its first year of operation:

  1. Acquired $10,500 cash from the issue of common stock.
  2. Purchased inventory for $7,000 cash.
  3. Sold inventory costing $4,200 for $7,140 cash.
  4. Paid $1,000 for advertising expense.

Required

  1. Record the general journal entries for the preceding transactions.
  2. Post each of the entries to T-accounts.
  3. Prepare a trial balance to prove the equality of debits and credits.

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