Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

all three parts please Halogen Laminated Products Company began business on January 1, 2021 During January, the following transactions occurred: Jan. 1 Issued common stock

image text in transcribed
all three parts please
Halogen Laminated Products Company began business on January 1, 2021 During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $120,000 cash. 2. Purchased Inventory on account for $25,000 (the perpetual inventory system is used) 4 Paid an insurance company $1,200 for a one-year Insurance policy. Prepaid insurance was debited for the entire sont 10 Sold merchandise on account for $11,000. The cost of the merchandise was $6,000 15 Borrowed $20,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. 20 Paid employees $5,000 salaries for the first half of the month 22 Sold merchandise for $9,000 cash. The cost of the merchandise was $5,000 24 Paid $14,000 to suppliers for the merchandise purchased on January 2. 26 Collected $5,500 on account from customers 21 Paid $1,200 to the local utility company for Sanuary gas and electricity 30 Paid 53,000 rent for the building. $1,500 was for January rent, and $1.500 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Required: 1. Prepare general journal entries to record each transaction 2. Post the transactions into the appropriate T-accounts 3. Prepare an unadjusted trial balance as of January 30, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Measurement And Internal Audit Operations

Authors: Andrew Fight

1st Edition

184112401X, 978-1841124018

More Books

Students also viewed these Accounting questions

Question

1. Describe the types of power that effective leaders employ

Answered: 1 week ago