Exercise 4-4A (Algo) Recording inventory transactions in the general journal and posting entries to T- accounts:...
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Exercise 4-4A (Algo) Recording inventory transactions in the general journal and posting entries to T- accounts: Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $13,500 cash from the issue of common stock. 2. Purchased inventory for $6,800 cash. 3. Sold Inventory costing $4,080 for $6,936 cash. 4. Paid $800 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. Required A Required B Required C Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E Record entry for issuance of common stock. Note: Enter debits before credits. Event 1. Record entry General Journal Clear entry Debit Credit View general Journal > Journal entry worksheet B < A с Record the entry of inventory purchased for cash. Note: Enter debits before credits. Event 2. DE General Journal Debit Credit > Journal entry worksheet < A B с Record sale of inventory for cash. Note: Enter debits before credits. Event 3a. DE General Journal Debit Credit > Journal entry worksheet < A A B C Record entry for cost of goods sold. Note: Enter debits before credits. D Event 3b. E General Journal Debit Credit Journal entry worksheet < A B C Note: Enter debits before credits. D Record entry for advertising expenses paid. Event 4. E General Journal Debit Credit Exercise 4-4A (Algo) Recording inventory transactions in the general journal and posting entries to T- accounts: Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $13,500 cash from the issue of common stock. 2. Purchased inventory for $6,800 cash. 3. Sold Inventory costing $4,080 for $6,936 cash. 4. Paid $800 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. Required A Required B Required C Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E Record entry for issuance of common stock. Note: Enter debits before credits. Event 1. Record entry General Journal Clear entry Debit Credit View general Journal > Exercise 4-4A (Algo) Recording inventory transactions in the general journal and posting entries to T- accounts: Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $13,500 cash from the issue of common stock. 2. Purchased inventory for $6,800 cash. 3. Sold Inventory costing $4,080 for $6,936 cash. 4. Paid $800 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. Required A Required B Required C Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E Record entry for issuance of common stock. Note: Enter debits before credits. Event 1. Record entry General Journal Clear entry Debit Credit View general Journal > Journal entry worksheet B < A с Record the entry of inventory purchased for cash. Note: Enter debits before credits. Event 2. DE General Journal Debit Credit > Journal entry worksheet B < A с Record the entry of inventory purchased for cash. Note: Enter debits before credits. Event 2. DE General Journal Debit Credit > Journal entry worksheet < A B с Record sale of inventory for cash. Note: Enter debits before credits. Event 3a. DE General Journal Debit Credit > Journal entry worksheet < A B с Record sale of inventory for cash. Note: Enter debits before credits. Event 3a. DE General Journal Debit Credit > Journal entry worksheet < A A B C Record entry for cost of goods sold. Note: Enter debits before credits. D Event 3b. E General Journal Debit Credit Journal entry worksheet < A A B C Record entry for cost of goods sold. Note: Enter debits before credits. D Event 3b. E General Journal Debit Credit Journal entry worksheet < A B C Note: Enter debits before credits. D Record entry for advertising expenses paid. Event 4. E General Journal Debit Credit Journal entry worksheet < A B C Note: Enter debits before credits. D Record entry for advertising expenses paid. Event 4. E General Journal Debit Credit
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Required A General Journal Entries Issuance of Common Stock Debit Cash 13500 Credit Com... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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