Homework Answers
Requirement A:-
1. Cash $15,500
Common Stock $15,500
(Issue of common shares)
2. Merchandise Inventory $6,100
Cash $6,100
(Merchandise purchased)
3. Cost of Goods Sold $3,660
Merchandise Inventory $3,660
(Record the cost of goods Sold)
Cash $6,222
Sales revenue $6,222
(record the sale)
4. Advertising Expenses $750
Cash $750
(Advertisement Expenses Paid)
Requirement B:-
Cash
| Beginning bal. | - | Merchandise Inventory | $6,100 |
| Common Stock | $15,500 | Advertising Expenses | $750 |
| Sales revenue | $6,222 | Ending Bal | $14,872 |
Common Stock
| Beginning bal. | - | Cash | $15,500 |
| Ending Balance | $15,500 |
Cost of Goods Sold
| Beginning bal. | - | ||
| Merchandise Inventory | $3,660 | Ending Inventory | $3,660 |
Merchandise Inventory
| Beginning bal. | - | Cost of Goods Sold | $3,660 |
| Cash | $6,100 | Ending Inventory | $2,440 |
Sales revenue
| Beginning bal. | - | Cash | $6,222 |
| Ending Inventory | $6,222 |
Advertising Expenses
| Beginning bal. | - | ||
| Cash | $750 | Ending Inventory | $750 |
Required C:-
| MILO CLOTHING | ||
| Trial Balance | ||
| Account Title | Debit($) | Credit($) |
| Cash | $ 14,872 | |
| Merchandise Inventory | $ 2,440 | |
| Common Stock | $ 15,500 | |
| Sales Revenue | $ 6,222 | |
| Cost of Goods Sold | $ 3,660 | |
| Advertising Expenses | $750 | |
| Total | $ 21,722 | $ 21,722 |
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Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $6,800 cash. 3. Sold inventory costing $4,080 for $6,936 cash. 4. Paid $950 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...
Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year...
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Milo Clothing experienced the following events during 2018, its first year of operation: Acquired $18,500 cash...
Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
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Acquired $37,000 cash from the issue of common stock.
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Ch 4 Ex & Prob Saved Help Save & Exit Check my work mode : This...
Ch 4 Ex & Prob Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to que 1 Exercise 4-4A Recording Inventory transactions in the general Journal and posting entries to T-accounts: Perpetual system LO 4-1 9 points Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $15,000 cash from the issue...
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Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
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The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
Ch 4 Ex & Prob Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to que 1 Exercise 4-4A Recording Inventory transactions in the general Journal and posting entries to T-accounts: Perpetual system LO 4-1 9 points Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $15,000 cash from the issue...
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