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  3. milo clothing experienced the following events dur

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:

Acquired $19,500 cash from the issue of common stock.

Purchased inventory for $5,100 cash.

Sold inventory costing $3,060 for $5,202 cash.

Paid $700 for advertising expense.

Required

Record the general journal entries for the preceding transactions.

Post each of the entries to T-accounts.

Prepare a trial balance to prove the equality of debits and credits.

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Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/e required" in the first account field.) Journal entry worksheet E Record entry for issuance of common stock. Note: Enter debits before credits. Post each of the entries to T-accounts. Complete this question by entering your answers in the tabs below. Prepare a trial balance to prove the equality of debits and credits

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