Question

Milo Clothing experienced the following events during 2016, its first year of operation:
1. Acquired $30,000 cash from the issue of common stock.
2. Purchased inventory for $15,000 cash.
3. Sold inventory costing $9,000 for $20,000 cash.
4. 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.


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  • CreatedApril 20, 2015
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