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 $30,000 cash from the issue of common stock.
Purchased inventory for $15,000 cash.
Sold inventory costing $9,000 for $20,000 cash.
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.
Record the general journal entries for the preceding transactions.
Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field.
Journal entry worksheet
Record entry for issuance of common stock.
Note: Enter debits before credits.
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