1. Hologen Products Company began business on January 1, 2022. During January, the following transactions occurred:

Jan. 1 Issued 1,000 share of $20 par value common stock in exchange for $100,000 cash.

2 Purchased inventory on account for $35,000 terms 2/15 net 30 (the perpetual inventory system is used)

4 Paid an insurance company $2,400 for a one-year insurance policy

10 Sold merchandise on account for $12,000. The cost of the merchandise was $7,000

15 Borrowed $30,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.

20 Paid employees $6,000 wages for the first half of the month

22 Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000

24 Paid $15,000 to suppliers for the merchandise purchased on January 2

26 Collected $6,000 on account from customers

28 Paid $1,000 to the local utility company for January gas and electricity

30 Paid $12,000 rent for the building for a 12 month lease that began January 1.

7. Prepare closing entries

Prepare a post-closing trial balance