1. 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.
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.