Halogen Laminated Products Company began business on January 1,2016. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $109,000 cash. 2 Purchased inventory on account for $44,000 (the perpetual inventory system is used). 4 Paid an insurance company $3,480 for a one-year insurance policy. 10 Sold merchandise on account for $12,900. The cost of the merchandise was $7,900. 15 Borrowed $39,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months 20 Paid employees $6,900 salaries and wages for the first half of the month. 22 Sold merchandise for $10,900 cash, The cost of the merchandise was $6,900 24 Paid $15,900 to suppliers for the merchandise purchased on January 2 26 Collected $6,450 on account from customers 28 Paid $1,000 to the local utility company for January gas and electricity 30 Paid $4,900 rent for the building. $2.450 was for January rent, and $2.450 for February rent 2. 1. Prepare general journal entries to record each transaction. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1-1-12 3 4 5 6 7 8 13 Issued common stock in exchange for $109,000 cash. 2 3 4 6 8