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Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred Jan. 1 Issued conmon stock in exchange for $101,000
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred Jan. 1 Issued conmon stock in exchange for $101,000 cash. 2 Purchased inventory on account for $36,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,520 for one year Insurance policy. Prepaid insurance was debited for the entire mount 10 Sold merchandise on account for $12,100. The cost of the merchandise was 37,100. 15 Borrowed $31,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months 20 Paid employees $6,100 salaries for the first half of the month 22 Sold merchandise for $10,100 cash. The cost of the merchandise was $6,100. 24 Paid $15,100 to suppliers for the merchandise purchased on January 2. 26 Collected $6,050 on account from customers 28 Paid $1,100 to the local utility company for January gas and electricity. 30 Paid $4,100 rent for the building. $2,050 was for January rent, and $2,050 for February rent. Prepaid rent and runt expens 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.) View transaction list
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