Recording inventory transactions in the general journal and posting entries to T-accounts: Perpetual system
Kona Clothing experienced the following events during 2011, its first year of operation:
1. Acquired $14,000 cash from the issue of common stock.
2. Purchased inventory for $8,000 cash.
3. Sold inventory costing $6,000 for $9,000 cash.
4. Paid $800 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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