Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $117,000 cash. 2 Purchased inventory on account for $28,000 (the perpetual inventory system is used). Paid an insurance company $1,560 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,300. The cost of the merchandise was $6,300. Borrowed $23,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. 20 Paid employees $5,300 salaries for the first half of the month. 22 Sold merchandise for $9, 300 cash. The cost of the merchandise was $5,300. 24 Paid $14,300 to suppliers for the merchandise purchased on January 2. 26 Collected $5,650 on account from customers. 28 Paid $1,200 to the local utility company for January gas and electricity. 30 Paid $3,300 rent for the building. $1,650 was for January rent, and $1,650 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. Journal entry worksheet 2 3 4 5 6 7 8 ..... 13 Issued common stock in exchange for $117,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Purchased inventory on account for $28,000 (the perpetual inventory system is used). Note: Enter debits before credits. Date General Journal Debit Credit Jan 02, 2021 Record entry Clear entry View general journal Journal entry worksheet Sold merchandise on account for $11,300. Note: Enter debits before credits. Date General Journal Debit Credit Jan 10, 2021 Record entry Clear entry View general journal Journal entry worksheet Borrowed $23,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. Note: Enter debits before credits. Date Date General Journal Debit Credit Jan 15, 2021 Record entry Clear entry View general journal Journal entry worksheet The cost of the merchandise was $5,300. Note: Enter debits before credits. General Journal Debit Credit Date Jan 22, 2021 Record entry Clear entry View general journal Journal entry worksheet Paid $14,300 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 Journal entry worksheet Collected $5,650 on account from customers. Note: Enter debits before credits. General Journal Debit Credit Date Jan 26, 2021 Record entry Clear entry View general journal Journal entry worksheet Paid $1,200 to the local utility company for January gas and electricity. Note: Enter debits before credits. General Journal Debit Credit Date Jan 28, 2021 Record entry Clear entry View general journal Journal entry worksheet
