Check my work 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). Paid an insurance company $3,240 for a one-year insurance policy. Prepaid insurance was debited for the entire 4 amount. 10 Sold merchandise on account for $12,700. The cost of the merchandise was $7,700. 15 Borrowed $37,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six 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. months. 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.) 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.) View transaction list Journal entry worksheet Issued common stock in exchange for $107,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 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 amount.) 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. Beg. 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. Utilities Expense Beg. 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 Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Totals $ 0 $ 0
