Exercise $4-4$A $($Algo$)$ Recording inventory transactions in the general journal and postl accounts: Perpetual system LO $4-1$

Milo Clothing experienced the following events during Year $1,$ its first year of operation:

Acquired $$12,000$ cash from the issue of common stock.

Purchased inventory for $$6,200$ cash.

Sold inventory costing $$3,720$ for $$6,324$ cash.

Paid $$850$ 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.