Question
Halogen Laminated Products Company began business on January 1, 2013. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $108,000
Halogen Laminated Products Company began business on January 1, 2013. During January, the following transactions occurred: |
Jan. 1 | Issued common stock in exchange for $108,000 cash. |
2 | Purchased inventory on account for $43,000 (the perpetual inventory system is used). |
4 | Paid an insurance company $3,360 for a one-year insurance policy. |
10 | Sold merchandise on account for $12,800. The cost of the merchandise was $7,800. |
15 | Borrowed $38,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. |
20 | Paid employees $6,800 wages for the first half of the month. |
22 | Sold merchandise for $10,800 cash. The cost of the merchandise was $6,800. |
24 | Paid $15,800 to suppliers for the merchandise purchased on January 2. |
26 | Collected $6,400 on account from customers. |
28 | Paid $1,200 to the local utility company for January gas and electricity. |
30 | Paid $4,800 rent for the building. $2,400 was for January rent, and $2,400 for February rent. |
1 )Prepare general journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
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