Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The appropriate debit/credit terminology has been identified for the first category (assets) as an example. Category of Elements Assets Liabilities Common Stock Retained Earnings Revenue Expense Dividends Used to Increase This Element Debit Used to Decrease This Element Credit

Milo Clothing experienced the following events during Year 1, 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. Complete this question by entering your answers in the tabs below. 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.) required in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record entry for advertising expenses paid. Note: Enter debits before credits. required" in the first account field.) Journal entry worksheet E Record the entry of inventory purchased for cash. Note: Enter debits before credits. Post each of the entries to T-accounts. Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. 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. Prepare a trial balance to prove the equality of debits and credits. Journal entry worksheet Record entry for issuance of common stock. Note: Enter debits before credits