Business, 10.03.2020 00:50 celeste5364

Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $11,500 cash from the issue of common stock. Purchased inventory for $5,500 cash. Sold inventory costing $3,300 for $5,610 cash. Paid $900 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.

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Answer from: nails4life324

Trial balance: Debit 17110 = 17110 Credits

Explanation:

Milo clothing

Journal entry

1. Dr Cash 11500

Cr Capital- Milo clothing 11500

(Issue of shares)

2. Dr Inventory 5500

Cr Cash 5500

(Purchase inventory on cash)

3.a) Dr Cost of goods sold 3300

Cr Inventory 3300

b) Dr Account receivable 5610

Cr Sales revenue 5610

(Sale of inventory)

4. Dr Advertising expense 900

Cr Cash 900

( Paid for advertising)

T-account

Cash Capital - Milo clothing

DrCr__ __ DR CR

11500 --- 5500 --- 11500

--- 900

Inventory Account receivable

DrCr__ DR Cr

5500---3300 5610 ---

Cost of goods sold Sales revenue

Dr Cr__ __ Dr Cr

3300 -- --- 5610

Advertising expense

DrCr_

900 ---

Trial Balance

Cash 5100 -- 11500 Capital-Milo clothing

Account receivable 5610 --- 5610 Sales revenue

Cost of goods sold 3300 ---

Advertising expense 900

Inventory 2200

Total Debits 17110 = 17110 Total credits

Answer from: Quest

Ithink the answer is b

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired...

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