Exercise 4-4a recording inventory transactions in the general journal and posting entries to t-accounts: perpetual system lo 4-1 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.)