Recording inventory transactions in the general journal and posting entries to T-accounts: Perpetual system
Ben’s Paint Supply experienced the following events during 2011, its first year of operation:
1. Acquired $30,000 cash from the issue of common stock.
2. Purchased inventory for $24,000 cash.
3. Sold inventory costing $13,000 for $22,000 cash.
4. Paid $ 1,600 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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