Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

amount. 15 Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
amount. 15 Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $107,000 cash. 2 Purchased inventory on account for $42,000 (the perpetual inventory system is used). 4 Paid an insurance company $3,240 for a one-year insurance policy. Prepaid insurance was debited for the entire 10 Sold merchandise on account for $12,700. The cost of the merchandise was $7,700. Borrowed $37,000 from a local bank and signed a note. Principal and interest at 100 is to be repaid in six months. 20 Paid employees $6,700 salaries for the first half of the month. 22 Sold merchandise for $10,700 cash. The cost of the merchandise was $6,700. 24 Paid $15,700 to suppliers for the merchandise purchased on January 2. 26 Collected $6,350 on account from customers. 28 Paid $1,100 to the local utility company for January gas and electricity. 30 Paid $4,700 rent for the building. $2,350 was for January rent, and $2,350 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 Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Paid employees $6,700 salaries for the first half of the month. Note: Enter debits before credits. General Journal Date Jan 20, 2021 Debit Credit Record entry Clear entry View general journal w transaction list Journal entry worksheet Sold merchandise for $10,700 cash. Note: Enter debits before credits. Date Jan 22, 2021 General Journal Debit Credit Record entry Clear entry View general journal uired" in the first account field.) iew transaction list Journal entry worksheet The cost of the merchandise was $6,700. Note: Enter debits before credits. General Journal Debit Credit Date Jan 22, 2021 Record entry Clear entry View general Journal quired" in the first account field.) View transaction list Journal entry worksheet 1 6 7 8 9 10 11 12 13 Paid $15,700 to suppliers for the merchandise purchased on January 2. Note: Enter debits before credits. General Journal Debit Credit Date Jan 24, 2021 Record entry Clear entry View general Journal new transaction list Journal entry worksheet Collected $6,350 on account from customers. Note: Enter debits before credits. Date General Journal Debit Credit Jan 26, 2021 Record entry Clear entry View general Journal iew transaction list Journal entry worksheet Paid $4,700 rent for the building. $2,350 was for January rent, and $2,350 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Note: Enter debits before credits. General Journal Debit Credit Date Jan 30, 2021 Record entry Clear entry View general Journal 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 amou Cash Accounts Receivable Beg, bal Beg. bal. End, bal. End, bal Inventory Prepaid Insurance Beg. bal. Beg. bal. End, bal. End. bal. Prepaid Rent Accounts Payable Beg. bal. Bog, bal Prepaid Rent Accounts Payable Beg. bal Beg. bal. End, bal. End. bal. Notes Payable Common Stock Beg, bal Beg. bal End, bal End, bal. Sales Revenue Cost of Goods Sold Beg. bal Beg bal End, bal End. bal. Salaries Expense Rent Expense Beg. bal. Beg, bal End. bal. End, bal. Salaries Expense Rent Expense Beg. bal. Beg. bal End, bal End, bal Utilities Expense Beg, bal. End, bal Required 1 Required 2 Required 3 Prepare an unadjusted trial balance as of January 30, 2021. HALOGEN LAMINATED PRODUCTS COMPANY Unadjusted Trial Balance January 30, 2021 Account Title Debits Credits Totals

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

Water Audits And Loss Control Programs Manual Of Water Supply Practices M36

Authors: AWWA Staff

3rd Edition

1583216316, 978-1583216316

More Books

Students also viewed these Accounting questions