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.)

Explanation:

The four transactions  will be recorded in the general journal as follows:

1)Debit cash                 $12,000

             Credit common stock                       $12,000

(To record the sale of common stock)

2)Debit purchases                 $5,600

            Credit   cash                 $5,600

(To record purchase of inventory in cash)

3)Debit cash                 $5,712

           Credit sales                        $3,360

            Credit gross profit              $2,352

(To record the sale of inventory in cash)

4)Debit advertising expenses                   $650

          Credit cash                    $650

(To record the payment of advertising expenses in cash)

1. avoid them

2. a talk with them

3. ask someone you trust

4. ignore

5. call police

a. money supply  

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