The following selected transactions or events were completed during 20X5 by HUP Inc., a retailer of makeup and skin care products: a. Issued 25,000 shares of its own no-par common shares for $7 per share and received cash in full. b. Borrowed $500,000 cash on a 6%, one-year note, interest payable at maturity on 30 April 20X6. c. Paid $350,000 for leasehold improvements on a shopping mall location that will be the major retail outlet, also paid one year's rent of $100,000 in full. d. Purchased merchandise inventory for resale at a cash cost of $260,000. e. Purchased merchandise inventory for resale on credit for $58,800. f. Sold merchandise that cost $96,000 for $198.000 cash. g. Paid $87,000 cash for operating expenses. h. Paid two-thirds of the balance for the merchandise purchased in (e). i. Paid cash for an insurance premium, $3,600; the premium is for two years' coverage (debit prepaid insurance). j. Counted inventory and had $219,000 of merchandise on hand. k. Paid damages to a customer who was injured through use of a company product, $4,000 cash. Required: 1. Prepare the transactions in a general journal. (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 2. Post the journal entries to the appropriate T-accounts. Cash Inventory Bal. Bal. Prepaid Rent Prepaid Insurance Bal. Bal. 11 Leasehold Improvements Accounts Payable Bal. Bal. Notes Payable Common Shares, no-par Bal. Bal. Sales Revenue Cost of Goods Sold Bal. Bal. Operating Expenses Loss, Damages Bal. Bal. 3. Prepare an unadjusted trial balance. HUP INCORPORATION Unadjusted Trial Balance As at 31 December 20X5 Balance Debit Credit Cash Inventory Prepaid rent Prepaid insurance Leasehold improvements Accounts payable Notes payable Common shares, no-par Sales revenue Cost of goods sold Operating expenses Loss, damages Total