Question: Hilo Clothing experienced the following events during 2013 its first

Hilo Clothing experienced the following events during 2013, its first year of operation:
1. Acquired $25,000 cash from the issue of common stock.
2. Purchased inventory for $12,000 cash.
3. Sold inventory costing $8,000 for $15,000 cash.
4. Paid $1,200 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.


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  • CreatedOctober 26, 2013
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