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Bear Tactics began business on January 1 , 2 0 2 4 . During January, the following transactions occurred: Jan. 1 Issued common stock in

Bear Tactics began business on January 1,2024. During January, the following transactions occurred:
Jan. 1 Issued common stock in exchange for $100,000 cash.
1 Purchased inventory on account for $35,000(the perpetual inventory system is used).
1
Paid an insurance company $2,400 for a one-year insurance policy.
1 Borrowed $30,000 from a local bank and signed a one year note. Principal and interest at 10% is to be repaid monthly..
10 Sold merchandise on account for $12,000. The cost of the merchandise was $7,000.
20 Paid employees $6,000 salaries and 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 $4,000 rent for the building. $2,000 was for January rent, and $2,000 for February rent.
Required:
1. Prepare general journal entries to record each transaction.
2. Post the transactions into the appropriate T-accounts - reference the journal entries and create this on a new tab in the workbook
3. Prepare adjusting entries - interest accrued and insurance expensed.
4. Build an amortization table for the loan initiated on January 1,2024.
5. Prepare an unadjusted trial balance as of January 31,2024- reference the T-accounts (general ledger) and create this on a new tab in the workbook.
6. Prepare an income statement for January 31,2024- reference the unadjusted trial balance.
7. Prepare a balance sheet as of January 31,2024- reference the unadjusted trial balance.
8. Prepare a cash flow statement - reference the necessary worksheets.

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