Question

Acquired $15,000 cash from the issue of common stock. Purchased inventory for $5,900 cash. Sold inventory...

  1. Acquired $15,000 cash from the issue of common stock.
  2. Purchased inventory for $5,900 cash.
  3. Sold inventory costing $3,540 for $6,018 cash.
  4. 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.

omplete this question by entering your answers in the tabs below.

  • Required A
  • Required B
  • Required C

Post each of the entries to T-accounts.

Cash Merchandise Inventory
Beg. Bal. 15,000selected answer incorrect not attempted Beg. Bal. not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
End. Bal. 15,000 End. Bal.
Common Stock Sales Revenue
Beg. Bal. 3,540selected answer incorrect not attempted Beg. Bal. 6,018selected answer incorrect not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
End. Bal. 3,540 End. Bal. 6,018
Cost of Goods Sold Advertising Expense
Beg. Bal. not attempted not attempted Beg. Bal. not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
not attempted not attempted not attempted not attempted not attempted not attempted not attempted not attempted
End. Bal. End. Bal.

  • Prepare a trial balance to prove the equality of debits and credits.

    MILO CLOTHING
    Trial Balance
    December 31, Year 1
    Account Titles Debit Credit
    not attempted not attempted not attempted
    not attempted not attempted not attempted
    not attempted not attempted not attempted
    not attempted not attempted not attempted
    not attempted not attempted not attempted
    not attempted not attempted not attempted
    Totals $0 $0
Business   Accounting   
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