Exercise 4-4A 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 2016, its first year of operation: 1. Acquired $12,000 cash from the issue of common stock. 2. Purchased inventory for $5,600 cash. 3. Sold inventory costing $3,360 for $5,712 cash. 4. Paid $650 for advertising expense. Required a. 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.)
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Home » Business » Exercise 4-4A 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 2016, its first year of operation: 1.